Winnington Capital is set to close its first real estate fund tomorrow, according to chief executive officer Eddie Wong.
Hong Kong-based Wong, speaking on the final day of the PREA spring conference in Boston, said the fund Trophy Property Development, TPD, was expected to close on $1.2 billion (€760 billion). The China specific fund, which Wong said would close on $1 billion to $1.2 billion, will invest in mixed use and city core developments.
During the debate on the emerging markets, Wong told the conference Winnington was concentrating on three cities in China, Shanghai and the two second-tier cities of Chongqing and Wuhan. He said they were looking at “large-scale, master-planned” developments of up to 30 million square feet.
“China has been going through a phenomenal economic transformation,” he told delegates. “Real estate is probably the best proxy to participate with China’s economic transformation.”
Wong told PERE CP Eaton had acted as placement agent.