UBS Global Asset Management and Gemdale Corp. have held the second closing of their joint venture product, following the decision by PGGM of the Netherlands to commit up to US$75 million into China real estate. The commitment from the Dutch investor brings the size of this China real estate investment initiative to almost US$200 million.

The joint venture product held its first closing on 31 March 2010 with more than US$100 million in commitments. The program invests in residential development projects in second-tier cities in China, with a focus on geographically diversified investments.

Gemdale Corp., a residential developer in China, already has committed US$45 million to two residential developme