(Yicai Global) Jan. 11 -- Property developer Landsea Green Properties Co., will work with Ping An Insurance Co.'s real estate unit to set up a CNY10 billion (USD1.54 billion) fund for the development of long-term rental apartment business in China.
The two parties will invest in residential projects in the country's four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, as well as in major second-tier cities such as Nanjing, Hangzhou and Wuhan over the next three years, Landsea Green Properties said in a press briefing today.
Hong Kong-based Landsea Green Properties entered the long-term rental sector last year and has secured over 50 projects totaling more than 15,000 flats in first-tier cities. The firm aims to expand coverage to 17 cities nationwide in the future.
Ping An Real Estate holds an 8.35 percent stake in Landsea Green Properties and previously worked with the property developer to finance a 700-room project acquisition in Shanghai's Pudong New Area in October last year.
Established in 2001, Landsea Green Properties mainly engages in real estate investment, development and management in China and the US. The company has completed nearly 100 projects, providing more than 300,000 clients with homes.