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Glory Fund and Greenland Holdings announce strategic cooperation

/ EdgeProp |

September 5, 2017 12:49 PM SGT

On August 29, Singapore-based Glory Fund Management Group announced a strategic cooperation with Greenland Holdings Group, one of China’s largest diversified multinational consortiums.

This involves Greenland taking a strategic stake in Glory Fund’s trust management, and for Glory Fund to acquire assets from Greenland.

Since an agreement with Greenland in March 2016, to acquire 21 hotel assets and businesses managed by international hotel operators like Marriott-Starwood and IHG Group, Glory Fund is making further strides to push ahead with their strategic plan to expand its real estate securitisation globally.

The 21 assets are located over 14 cities in countries like China, Australia, and the US, with a total transaction value of over RMB 21 billion ($4.35 billion).

In March 2017, Glory Fund signed a framework agreement with Greenland worth more than RMB 10 billion, to expand its property acquisition ranging from hotels to commercial properties in China and overseas.

Glory Fund will invest in good-quality, well-tenanted commercial properties in prime commercial areas in Beijing, Shanghai, Guangzhou, and other cities in China.

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