Tycoons’ property fund optimistic about London, US markets
Tycoons' private equity fund snaps up prime investments outside China, the latest being the 237-room Marriott London Grosvenor Square Hotel
Properties in London and the United States offer the best investment potential, advisers at Joint Treasure International said.
The private equity fund - formerly known as Polylinks International and formed by a group of wealthy Hong Kong, Singapore and Malaysian businessmen - has invested in the global property market for 22 years.
The fund has seven partners: Chow Tai Fook Group, the Wee family of Singapore's United Overseas Bank, Lee Seng Huang of Malaysian-listed Mulpha International, Tom Chan from the founding family of Crocodile Garments, Arthur Liang from the family who were once major shareholders of The Hongkong and Shanghai Hotels, David Chiu of Far East Consortium International and New World Strategic Investment.
But only four of the partners - Chow Tai Fook, Mulpha, Chan and Liang - were involved in the acquisition of the 237-room Marriott London Grosvenor Square Hotel last month.
"It is our unique business model and the key to our success. Our members can choose to be involved in different property purchases, depending on their preferences," said Daniel Yiu, senior adviser at Joint Treasure.
The group's members invest in various kinds of property, particularly distressed property. As they are looking to diversify their portfolios, the fund limits its investments to major gateway cities outside Hong Kong and the mainland.