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China Vanke to invest in a Shenzhen-based fund of funds

China Vanke Co. Ltd., its subsidiaries and other investors plan to jointly invest and set up a fund of funds, or FOF, named Shenzhen Jinshen Shuoqin Venture Investment Center, which will also have a sub-fund.

The initial fundraising size of the FOF will be 10.00 billion yuan, with Vanke targeting to subscribe to 5.00 billion yuan in funds, the company said in a filing Dec. 19. The sub-fund size will sit at 2.29 billion yuan, with Vanke's wholly owned Shenzhen Vanke Real Estate Co. unit committing to subscribe to 955.0 million yuan in funds.

Vanke said the FOF will invest in the sub-fund or directly invest in assets that need to be liquidized in financial institutions, as well as in asset restructuring and shareholding restructuring targets. Its income will be generated through the purchase and transfer of assets and equity, as well as asset revitalization.

Vanke will fund the investment with cash.

The Chinese developer added that the purpose of the investment is to consolidate "professional knowledge and resources" from various parties so as to enhance investment and management and improve capital utilization efficiency and sustainable profitability. The FOF and its sub-fund will help the investors achieve these aims through professional management and market-oriented operations.

Separately, ICBC (Shenzhen) Equity Investment Fund Partnership, another major investor in the FOF, will subscribe to 4.90 billion yuan worth of funds.

As of Dec. 18, US$1 is equivalent to 6.62 yuan.