Ascendas sets up two real estate funds in China

Business-park developer Ascendas has set up two funds to invest in the real estate sector in China to the tune of S$1.4 billion. Ascendas China Industrial & Business Parks Fund is expected to invest up to S$600 million in industrial and business park assets. It will focus on light industrial and logistics facilities across China. The seed assets in this fund include buildings in the Suzhou Industrial Park. The second fund - Ascendas China Commercial Fund - will invest in high quality commercial properties in first-tier cities in China.