Ivanhoé Cambridge Inc doubles exposure in Chinese market through investment in Chongbang

Chongbang owns and operates 428,000 square metres of retail and commercial space in Shanghai.

MONTREAL – Ivanho Cambridge is doubling its exposure in China by investing up to US$500 million in Shanghai-focused property developer Chongbang.

The real estate arm from the?Caisse de dp?t et placement du Qubec pension fund is teaming up with Dutch pension manager APG Asset Management N.V. to buy a roughly US$920 million interest for an undisclosed stake within the Chinese company, which specializes in combined retail and residential projects called “Life Hubs.”

“We love to the strategy of focusing the woking platform in one product as well as in one geography,” said?Rita-Rose Gagn, Executive Vice President of Growth Markets at Ivanho Cambridge.

“There\’s a demand for that and there are not many good developers and operators.”