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Standard Chartered Private Equity Limited (SCPEL), announced recently it will invest US$50 million in Shanghai Shimao Group, a leading property developer.

 

It is the first time that Standard Chartered has invested in China's real estate sector, said a Xinhua-run economic newspaper Tuesday adding that the real estate investment fund Morgan Stanley is also involved in the deal.

 

With the steady rise of its economy and rapid urbanization, China's real estate sector will maintain sustainable and sound development in the future, the newspaper cited Karam Butalia, global president of SCPEL as saying.

 

Located in Shanghai, Shimao Group, one of the largest real estate developers in China is planning to go public in Hong Kong. Shimao has built residential housing and hotels in nine cities.

 

"We are confident in Shimao Group as it has a world-wide distribution network and abundant capital," said Karam Butalia.

 

Standard Chartered is seeking other partners to make other real estate investments in the future, said Chen Fan the president of its greater China region.

 

Insiders note that Standard Charted is a latecomer to China's real estate market, behind Morgan Stanley and Goldman Sachs which has invested heavily in coastal cities.

 

New government regulations announced last month that were aimed at stemming the rise of real estate prices did not address foreign investments in the sector.

 

Experts said that new strict measures are needed to control the inflow of large amounts of foreign investment in the real estate sector to further cool the overheated market.

 

With a history of over 150 years in banking in many of the world's fastest growing markets, Standard Chartered has an extensive global network of over 1,200 branches in 56 countries and regions.

 

(Xinhua News Agency June 14, 2006)