China Vanke Co. Ltd. reorganized its logistics real estate fund after investor withdrawals reduced the fund's size by more than 50% to 2.95 billion yuan, Mingtiandi reported, citing a filing from the company to the Hong Kong Stock Exchange.

Taikang Life Insurance Co. Ltd. has replaced government-owned financial services firm Jiangsu International Trust Corp. Ltd. as the fund's largest investor after the latter withdrew money. The Chinese insurance group now has a 46.82% share, worth 1.38 billion yuan, in the fund, while Qianhai Hanghui has a 13.53% share worth 400 million yuan. In October 2017, Jiangsu International contributed 3.6 billion yuan to the fund, representing 60% of the financing at the time, according to the report.

Grand China Fund joined Taikang Life and Qianhai Hanghui as new partners in the fund. Grand China will replace Shenzhen Putai Investment as the fund's manager following the latter's withdrawal, the news outlet added, citing the filing.

Shenzhen-based real estate developer China Vanke reduced its own commitment by roughly 500 million yuan to 1.01 billion yuan. However, the company's stake in the fund rose to 34.16% from 25%, owing to the fund's reduced size.

Dongguan Boyu Import Logistics, Ganyuansheng Investment and Feihong Yihao Investment have also withdrawn money from the fund.

China Vanke said the reorganization was due to "changes of policy and negotiations between partners," the news outlet added.

The fund, which invests in Chinese logistics properties, was created in 2017 and once had about 6 billion yuan worth of investments, Mingtiandi added.