Greenland injects S$5b assets into Singapore SPV
China’s biggest state-owned developer Greenland Group has taken the first step of securitising its global real estate assets and has made Singapore its first port of call.
For a start, it is injecting 20 hotels in China worth close to S$5 billion into Amare Investment Management Group – a special purpose vehicle set up by Singapore-based Glory Fund Management Group – with the hope of listing a Reit in the future.
But its game plan is much bigger in scale. “This is only a start,” said Greenland chairman Zhang Yuliang at a briefing on Friday. “The second step for us will be to securitise global assets and our non-hotel assets in China by tapping Singapore’s capital market.”