Macquarie and Schroders team up for Shanghai property fund

Macquarie Bank and Schroders Asian Properties intend to form a $40 million joint venture Shanghai residential property development and funds management business, says Jaye Han, who heads up property investment banking for Macquarie in Tianjin. The JV aims to develop 6,000 apartments in six to 10 projects over the next five years in Shanghai, with the total end value targeted at $400 million.