Sovereign wealth fund China Investment Corp. (CIC) and private equity major Blackstone Group have set up a joint venture with mainland property developer Greentown China, Reuters reports. Greentown has taken a 24 percent interest by putting $75.2 million capital into the joint venture, with another Greentown unit holding a further six percent of the equity.
CIC has invested through its subsidiary China Jianyin Investment Securities Co. which will own a 60 percent stake in the joint venture. Blackstone will possess a 10 percent share of the equity. The venture will focus on retirement and holiday homes, as well as infrastructure.
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