Greenland HK launches $8bn fund with Kuwait
The deal will also see Greenland Hong Kong take a stake in a luxury New York City development
Greenland Hong Kong Holdings has signed a deal to set up an $8bn real estate fund with Kuwait Strategic Investor.
The deal will also see the subsidiary of China's state-backed Greeland Group take a stake in a luxury New York City development, according to a statement.
Greenland Hong Kong said it would issue 459,005, 021 convertible preferred shares to Kuwait Strategic Investor's Al Waseet International.
In exchange for the shares, Greenland Hong Kong would acquire 41% effective interest in the luxury Project Lane real estate development In New York City.
Conversion of the shares would make Kuwait Strategic Investor the second-biggest shareholder in Greenland Hong Kong.
The $8bn joint real estate fund would invest in a range of high-end residential and commercial properties and would begin "in-depth cooperation with several Middle East sovereign funds", Greenland Hong Kong added in a statement.