AIMS to set up Reit with Hainan Devt, Guangdong Finance Trust
Source: The Business Times
AIMS Financial Group said on Friday that it has signed the cooperation memorandum with Hainan Development Holdings Limited and Guangdong Finance Trust Limited to establish a property fund trust.
The expected size of real estate development fund will be 3 billion Yuan with an initial size of 1 billion Yuan.
The memorandum to set up 'Real Estate Development Fund' and 'Real Estate Investment Trust' jointly was signed in the '2010 Hainan - Tianjin Cooperation and Exchange and Bohai Rim Economic Conference' on June 29, 2010.
The three parties hope to pitch in the development and construction of Hainan international tourism island.
They will conduct preliminary work aiming at the REITS, including the researches of relevant legal environment and tax policy and the analysis of related resources and supporting policy.