Singapore Wealth Fund Spots Rental Opportunity in China Property
- GIC is partnering with firms on rental housing projects
- Rotating China exposure to align with government priorities
Residential buildings in Shenzhen, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Singapore’s $799 billion sovereign wealth fund sees pockets of opportunity in the beleaguered China real estate market as Beijing tries to make homes more accessible for the middle class.
In China, where disposable income per capita is a fraction of that in the US, it often takes years of savings to afford an apartment, which normally costs a few million yuan in the main urban centers. Helping middle- and lower-income Chinese is a priority for the government, said Jeffrey Jaensubhakij, chief investment officer of GIC Pte.