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Country Garden, Gaw Capital set up US$1B fund for distressed properties in China

Country Garden Holdings Co. Ltd. and Gaw Capital Partners are teaming up to launch a US$1 billion fund that will invest specifically in distressed real estate projects in China, media outlet China Money Network reported.

The Hong Kong-based private property investor confirmed the plan in the May 11 report, adding that it is working with the Chinese developer's Shenzhen Paladin Asset Management investment unit for the platform. The new fund will buy and reposition assets that meet its investment criteria.

An unnamed distressed debt investor told the media outlet that the fund, Gaw Capital's first foray into the distressed debt and real estate market of China, "reflects increasing maturity of the Chinese distressed real estate market."