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China Jinmao unit pledges 2.5B yuan for private equity-focused partnership

China Jinmao Holdings Group Ltd.'s Jinmao Investment Management (Tianjin) Co. Ltd. subsidiary committed to invest nearly 2.50 billion yuan in a partnership that will target private equity investments in the real estate sector.

The partnership has a total investment commitment of 5.00 billion yuan and includes PICC Private Equity Co. Ltd., BCEG Investment Development Co. Ltd. and Jinmao (Jiaxing) Investment Management Co. Ltd., a 50/50 joint venture between China Jinmao and Macquarie Corporate Holdings Pty. Ltd.

Funds contributed to the partnership can be invested in up to two real estate development projects of China Jinmao in Shanghai and the region around the Yangtze River Delta, according to a filing.

Separately, an indirect subsidiary of China Jinmao increased its loan facility for Jiaxing Jinfang Qiantang Equity Investment Partnership LP to 1.90 billion yuan from 1.60 billion yuan.

Jinmao Hangzhou Property Development Co. Ltd.'s provision of financial assistance to one of its shareholders is being done under the three-year term loan framework agreement that it signed with Jiaxing Jinfang and fellow China Jinmao subsidiary and co-owner, Make Friend Ltd., on June 1, 2017, the Hong Kong-listed developer added.

As of Dec. 17, US$1 was equivalent to 6.90 yuan.