Singapore

PROPERTY development and investment group Metro Holdings has agreed to invest 200 million yuan (S$39.8 million) for a 50 per cent stake in Xiamen CICC Qihang Equity Investment Partnership, or CICC Qihang Fund for short.

The property fund has a fund size of 400 million yuan and was set up by CICC Capital, the private equity arm of China International Capital Corporation (CICC). In turn, CICC Qihang Fund has formed a 50:50 joint venture with Xiamen ARA Qihang Equity Investment Fund, which is managed by ARA Asset Management.