Hong Kong-based private equity firm Gaw Capital Partners and China SCE Group Holdings Ltd. are initially investing US$800 million in a long-term rental apartment platform in China that aims to manage 10 billion yuan of assets by 2021, Mingtiandi reported, citing a Chinese-language filing from the property developer.

China SCE's Funlive Holdings subsidiary will oversee the acquisitions, disposals and management of the joint venture that was created to purchase, develop and operate multifamily residential developments in the core cities of the country, according to the news platform.

The joint venture was seeded with an initial 20,000-square-meter apartment building in Shanghai. The property, which is expected to be completed in 2020, is planned to include 500 apartment units, the Dec. 19 report added.

As of Dec. 19, US$1 was equivalent to 6.89 Chinese yuan.