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.
Macquarie already has a stake in Waratah Gardens, a new residential complex in Pudong it is developing and managing, which will be included in the JV. All these properties are aimed at middle-class and upper-class families senior employees at state-owned enterprises or workers rising through the ranks of multinational companies.
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