Chinese Developer Chiwayland enters fund management business

SINGAPORE - Chinese property developer Chiwayland International has entered the fund management business, with a new license that allows private investors to access its real estate fund.

Chiwayland said on Thursday that it has registered its unit, Shanghai Ruize Equity Investment Management with the Asset Management Association of China as a private investment fund manager.

The real estate fund will invest in Chiwayland's own portfolio of property development projects, as well as other real estate development projects and assets.

Mr Qian Jianron, executive chairman and chief executive of Chiwayland, said in a statement to the Singapore Exchange that "the current market environment presents both challenges as well as opportunities in the real estate sector."