LaSalle Investment Management has established a strategic partnership with Jingrui Capital for multifamily investment in China.
The partnership will invest in and develop multifamily projects in China.
On top of the announcement of the partnership, LaSalle and Jingrui Capital unveiled their first joint acquisition deal for a distressed retail and hotel property in Shanghai.
The property is in Shanghai Hongqiao Transportation Zone and will be renovated as a multifamily project, featuring a total of 583 rental units and retail facilities.
LaSalle said it follows a research-based investment strategy and has identified multifamily sector as one of its thematic investments in China.
“China is one of the key strategic markets for LaSalle. We have seen increasing investment opportunities in China’s gradually maturing multifamily market, driven by a favourable investment environment and demographic trends. Our partnership with Jingrui Capital reiterates our confidence in the local market and we will leverage each other’s respective strengths to develop landmark multifamily projects,” said Claire Tang, Co-CIO Asia Pacific and Head of Greater China, LaSalle.
“The multifamily market in most Asia-Pacific countries is not fully institutionalized yet and therefore we are of the view that the multifamily market may still generate very attractive investment opportunities. This project is just the beginning of our strategic partnership with LaSalle. We look forward to working with LaSalle more closely to develop other leading multifamily projects across the country,” said Junfeng Geng, Partner and Vice President of Jingrui Group, and President of Jingrui Capital.