Mapletree, a property investment unit of Singapore state-owned Temasek Holdings, announced on Monday that its private real estate fund, Mapletree India-China Fund (MIC Fund), is developing a property worth US$320 million in China’s Guangdong Province.
This is MIC Fund’s third investment in China after its investments in a residential and retail development in Xi’an and acquisition of an office building in Beijing.
The Guangdong project will be jointly funded by Mapletree India-China Fund and Guangzhou Southern-Donald Scientific Technology Co, which holds 80% and 20% stake in the project respectively.
The project, located in the Nanhai district of Foshan city, is expected to be completed in 5-8 years.