Blackstone Group LP plans to raise $5 billion or more for a new Asia-focused property fund, Reuters reported, citing sources familiar with the plans.

The group is seeking to launch the new fund in the next 12 to 16 months and intends to make investments in warehouses and shopping malls in China, India, Southeast Asia and Australia, the publication's sources said.

In 2014, Blackstone launched its first Asia-focused real estate fund, Blackstone Real Estate Partners Asia, which totaled $5.08 billion, Reuters reported, citing Preqin data. The firm has invested more than 70% of those funds.