CapitaLand is set to launch its first RMB-denominated fund product in the fourth quarter of 2021, seeking to target Chinese insurance companies, bank-backed investment platforms, non-bank financial institutions and government investment vehicles.

The Singapore-based group has obtained registered private equity fund manager status in China to carry out RMB-denominated capital raising.

Lee Chee Koon, CEO of CapitaLand Group, said: “China is CapitaLand’s largest core market, and we hold a long-term view of our business in the country.

“As China develops into one of the world’s largest asset management markets in the next few years, we see tremendous potential to tap into market liquidity for scaling our investment management platform.”

Puah Tze Shyang, CEO, investment and portfolio management, CapitaLand China, said access to capital in China would help the group further diversify its domestic investor base in the country.

“It will complement our existing offshore capital platforms, such as CapitaLand China Trust and our portfolio of private funds,” he said.

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