Deutsche Bank unit to invest US$100m in two projects
RREEF, Deutsche Bank's property and infrastructure management arm, plans to invest US$100 million in two residential projects in the mainland as part of its expansion plan in the country.
Kurt Roeloffs, RREEF's Asia-Pacific head, expects the two projects to produce fewer than 1,000 residential units when completed.
He refused to disclose the locations, only saying that the fund was likely to take majority stakes in its property deals.
'We will probably announce more residential projects in southern China while office, logistics and retail will be in the north, and the hotel venture will target the Yangtze River Delta, Beijing and Tianjin,' Mr Roeloffs said.
In November last year, the firm took a 50 per cent stake in a joint venture to build a US$225 million residential project in Zhuhai, marking its entry into the mainland's property sector.
Separately, SPG Land, a developer focusing on Shanghai, said it had won a 107,760 square metre residential-commercial site in Kunming for 529 million yuan. With a gross floor area of 377,160
sq metres, the average cost is 1,400 yuan per square metre.