On September 8, CITIC Capital Holdings Limited ("CITIC Capital") declared in Changsha that around RMB 1.5 billion of real estate fund under the CITIC Capital was invested in ID Mall project in Changsha, Hunan Province. This is the first commercial real estate project for CITIC Capital. Meanwhile, it is also the first time for Chinese domestic PE to break the role of pure investor and engage in the development and management of realistic projects.
Currently, CITIC Capital has three real estate funds. Round I fund belongs to the opportunistic investment; Round II fund prefers housing investment; Round III fund is relatively dispersed in investment strategy. The said funds are mainly invested in the housing and commercial projects in the tier I and tier II cities in China, including several housing projects in Foshan, Zhuhai, Shanghai, Dalian and other five cities.
The ID Mall project invested by CITIC Capital, planned to open for business in October 2011, is a shopping mall with a construction area of 120,000 square meters, integrating shopping, catering, amusement, leisure activities and culture. The project is previously known as Changsha Qinghe Shopping Plaza operated by Hunan Yingfu, a wholly-owned subsidiary of CITIC Capital.
