
Singapore's CapitaLand Investment launches first onshore master fund in China
May 21 (Reuters) - Real estate investment manager CapitaLand Investment Ltd (CAPN.SI), opens new tab said on Wednesday that it has launched its first onshore master fund in China, backed by a total equity commitment of 5 billion yuan ($692.58 million).
The Singapore-based company said its new fund, CLI RMB Master Fund, will target business parks, retail, rental housing, and serviced residences, with a majority stake to be held by a local insurance company.
"This (the fund) allows us to tap into a rising trend of insurance companies increasing their capital allocation to real estate in China," said Puah Tze Shyang, chief executive officer, CapitaLand Investment China, adding that it will provide opportunities to invest in a diversified and resilient portfolio of stabilised assets with core returns.
The company expects the CLI RMB Master Fund to add 20 billion yuan to its funds under management once fully deployed.
($1 = 7.2194 Chinese yuan)
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an hour ago
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Xpeng's vice chairman Brian Gu told the BBC at the Paris Motor Show in 2024 that his company is competitive "because we have fought tooth and nail through the most competitive market in the world". 'Naked protectionism' from the US? Concerns that Chinese EV imports could flood international markets at the expense of established manufacturers reached fever pitch in 2024. In the US, the Alliance for American Manufacturing warned they could prove to be an "extinction-level event" for the US industry, while the European Commission president Ursula von der Leyen suggested that "huge state subsidies" for Chinese firms were distorting the European market. The Biden administration took dramatic action, raising import tariffs on Chinese-made EVs from 25% to 100%, effectively making it pointless to sell them in the US. It was condemned by Beijing as "naked protectionism". Meanwhile, in October 2024, the EU imposed extra tariffs of up to 35.3% on Chinese-made EVs. The UK, however, took no action. Matthias Schmidt, founder of Schmidt Automotive Research, says the EU's tariffs have now made it harder for Chinese firms to gain market share. "The door was wide open in 2024... but the Chinese failed to take their chance. With the tariffs in place, Chinese manufacturers are now unable to push their cost advantage onto European consumers." Renault's ultra-modern EV hub European manufacturers have been racing to develop their own affordable electric cars. French car-maker Renault is among them. At its factory in Douai, in northeastern France, an army of spark-spitting robots weld sections of steel to form car bodies, while on the main assembly line, automated systems mate together bodyshells, doors, batteries, motors and other parts, before human workers apply the finishing touches. 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The original Renault 5, launched in 1972, was a quirky little everyman car with boxy looks and low running costs that became a cult classic. The new design, despite being a state-of-the art EV, pays homage to its predecessor in name and appearance, in an effort to emulate its popular appeal. Security, spyware and hacking concerns But irrespective of how desirable Chinese cars are in comparison with European rivals, some experts believe we should be wary of them – for security reasons. Most modern vehicles are internet-enabled in some way – to allow satellite navigation, for example – and drivers' phones are often connected to car systems. Pioneered by Tesla, so-called "over-the-air updates" can upgrade a car's software remotely. This has all led to concerns, in some quarters, that cars could be hacked and used to harbour spyware, monitor individuals or even be immobilised at the touch of a keyboard. Earlier this year, a British newspaper reported that military and intelligence chiefs had been ordered not to discuss official business while riding in EVs; it was also alleged that cars with Chinese components had been banned from sensitive military sites. Then in May, a former head of the intelligence service MI6 claimed that Chinese-made technology in a range of products, including cars, could be controlled and programmed remotely. Sir Richard Dearlove warned MPs that there was the potential to "immobilise London". Beijing has always denied all accusations of espionage. A spokesperson for the Chinese embassy in London says that the recent allegations are "entirely unfounded and absurd". "China has consistently advocated the secure, open, and rules-based development of global supply chains," the spokesperson told the BBC. "Chinese enterprises operating around the world are required to comply with local laws and regulations. "To date, there is no credible evidence to support the claim that Chinese EVs pose a security threat to the UK or any other country." Chinese government is 'not hell-bent on surveillance' Joseph Jarnecki, research fellow at defence and security think-tank The Royal United Services Institute, argues that potential risks can be mitigated. "Chinese carmakers exist in this highly competitive market. While they're beholden to Chinese law and that may require compliance with national security agencies, none of them want to damage their ability to grow and to have international exports by being perceived as a security risk," he says. "The Chinese government equally is conscious of the need for economic growth. They're not hell-bent on solely conducting surveillance." But the car industry is just one area in which Chinese technology is becoming increasingly enmeshed in the UK economy. To achieve the government's climate objectives, for instance, "It will be necessary to use Chinese-supplied technology", adds Mr Jarnecki. He believes that regulators of key industries should be given sufficient resources to monitor cyber security and advise companies using Chinese products of any potential issues. As for electric cars powered by Chinese technology, there's no question that they're here to stay. "Even if you have a car that's made in Germany or elsewhere, it probably contains quite a few Chinese components," says Dan Caesar. "The reality is most of us have smartphones and things from China, from the US, from Korea, without really giving it a second thought. So I do think there's some fearmongering going on about what the Chinese are capable of. "I think we have to face the reality that China is going to be a big part of the future." Top image credit: Reuters