Source From: Australian Financial Review
AMP Capital Investors has reaffirmed its plans to push into Asian property markets.
The group is focusing on the mature markets of Singapore and Japan.
Last year it took a stake in the management of Singapore-listed MacarthurCook Industrial REIT alongside Sydney-based boutique AIMS Financial Group.
Aims is also looking to expand in mainland China’s developing property market.
Last Friday the group said it had struck agreements with Hainan Development Holdings Limited and Guangdong Finance Trust Limited to set up a property fund trust.
It wants to grow the real estate development fund to 3 billion Yuan from a starting point of 1 billion Yuan.
The groups will work on developing China’s Hainan international tourism island.
While AMP is unlikely to be involved with a property venture on the Chinese mainland it is also looking to take advantage of the work out of the crisis in the region.
AMP Capital Investors is working on an opportunistic property fund to acquire stressed assets, managing director Stephen Dunne said.
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“Some degree of the global financial crisis is yet to pass through property assets in some areas. The stressed opportunity is clearly there.” He told Reuters.