Standard Chartered Private Equity has invested $35 million in Sino Ocean Real Estate Development Co, a property developer that is expanding beyond its Beijing stronghold to major cities such as Tianjin and Dalian in China’s Bohai Economic Zone.
Sino Ocean, the property arm of Cosco International Holdings, a large Chinese shipping concern, develops residential products as well as office buildings. The latest deal follows Standard Chartered Private Equity’s investments in Shimao Property Holdings and Greentown China Holdings less than a year ago.
Fan Chen, managing director and head of the bank’s Greater China private equity unit said: “With the investment in Sino Ocean, we have made a total of $135 million investment to China’s real estate development sector in the year of 2006.”
Chen, who led the investment in Sino Ocean also said: “We will continue to focus on all sectors which are highly correlated with rising personal wealth and the improvement of living standards.”
Last year, Cosco International paid $50 million to raise its stake in Sino Ocean to 44 percent from 20 percent.