U.S.-based private equity firm Warburg Pincus and Chinese real estate to investment company Hande Group have agreed to form a new joint venture (JV) with $1 billion investment.
The new joint venture, which will focus on real estate projects in China, targets to reach an asset under management level of $5 billion within the next three years.
Warburg Pincus will explore opportunities to raise third-party capital to set up real estate focused on special situation funds and act as the fund and property manager.
With this joint venture, Hande Group expects to leverage its internal resources across different subsidiaries such as Hande Donghui, Tiantong Hongji and Zhuoyue Huacheng.