UBS, one of the largest global asset managers, plans to launch a fund that will bring approximately US$1 billion into China's real estate market, in line with its marketing strategies in Asia, according to sources.
On fears of the ailing European and U.S. real estate markets, the move indicates the Swiss bank’s great interest in Asian operations.
"The focus is on residential, and we are hoping to launch a vehicle, and we are working on details," said Mr Chen Lijian, head of China real estate for UBS Global Asset Management, adding that the company is now targeting US$300 million in capital overseas, with leverage, to bring about US$1 billion of buying power.
