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Singapore's CapitaLand bets $1bn on China's real estate

State-backed firm targets commercial properties and data centers

A commercial building in Beijing that a CapitaLand fund has invested in will be remodeled into a luxury office building. (Photo courtesy of CapitaLand)

SINGAPORE -- CapitaLand Investment, Singapore's government-backed property portfolio manager, has launched two funds worth more than 1.6 billion Singaporean dollars ($1.1 billion) in equity, banking on a strong rebound of China's real estate market from zero-COVID lull.

One of the funds, worth SG$1.1 billion, will invest in office space and commercial real estate in China, the group said Thursday. The vehicle will focus on properties relinquished by financially distressed companies.

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