The Abu Dhabi Investment House is partnering with Chinese construction firm, Shanghai Construction (Asia) Co., to target $6 billion of real estate developments across China.
The 50-50 joint venture is looking to acquire up to 16 real estate projects in the country, worth around $6 billion, Abu Dhabi Investment House (ADIH) said in a statement.
It comes at the same time as ADIH is planning a $1.5 billion private equity fund to invest in real estate and manufacturing in China. Rashad Janahi, Abu Dhabi Investment House managing director told Reuters it was investing an unspecified amount in the fund along with a local Chinese partner. The agreement to launch the fund would be signed in the next two months, he added.
ADIH is expected to debut a $250 million real estate project next month in Marrakesh, a tourist destination in Morocco, Janahi said. The development is expected to comprise villas, a convention center and shopping malls.