China-focused investment bank Citic Securities has revealed plans to sell parts of its property portfolio to raise CNY5bn ($817m).
The sale would include the rights to two buildings in Beijing and Shenzhenm alongside land in Tianjin. The stakes will be sold to the firm’s Citic Jinshi Fund Management division, which would then rent them out.
Citic Securities said the unit could then launch a dedicated private equity fund focused on “special innovative financial businesses”.
Earlier this week Citic’s investment arm Goldstone Investment was said to be winding down its operations. The decision came after Goldstone’s chief executive Wu Yibing left the firm to join Singaporean investment firm Temasek.
Meanwhile, the firm’s venture capital arm raised $113m in July of this year.
Copyright © 2013 AltAssets