Star Capital raises funds

09:00, December 22, 2010      

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STAR Capital, a real estate private-equity fund formed by major Chinese private enterprises, said over the weekend that it has raised about 6 billion yuan (US$900 million) over the past three months.

Under its plan, Star Capital aims to become China's largest yuan-denominated real estate fund with a capital size of 12 billion yuan by 2013.

The fund, set up in September and whose largest investor is Fosun Group, one of China's biggest private companies, plans to build between 20 and 25 integrated landmark real estate projects in both first- and second-tier cities nationwide within five years.

Mainly consisting of headquarter offices for private enterprises, the future Star projects will also have retail, residential and hotel developments as well as an area between 6,000 and 10,000 square meters designated for private firms where they can exchange information and seek cooperation opportunities.

Source: Global Times
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