256: StanChart unit invests $35 mln in China developer
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HONG KONG (Reuters) - The private equity arm of British bank Standard Chartered (STAN.L: Quote, Profile , Research) said on Wednesday it has invested $35 million in Sino Ocean Real Estate Development Co., its latest investment in China's property sector.
Standard Chartered Private Equity Ltd. will be an investor alongside COSCO International Holdings Ltd. (0517.HK: Quote, Profile , Research), a Chinese shipping and property group that paid $50 million (26 million pounds) in August to raise its stake in Sino Ocean to 44 percent from 20 percent.
Sino Ocean is expanding from its base in Beijing to cities including Tianjin, Dalian and Shenyang and specialises in mid-range residential property and office buildings.
The investment unit of StanChart (2888.HK: Quote, Profile , Research) has spent $135 million on Chinese developer stakes since the beginning of 2006.
The group invested in Shimao Property Holdings Ltd. (0813.HK: Quote, Profile , Research) and Greentown China Holdings Ltd. (3900.HK: Quote, Profile , Research) last year.
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