Harvest, which is owned by CRC, will co-invest with residential real estate developer China Vanke in a Shanghai development project.
Harvest will be the GP and fund manager in collaboration with its affiliate China Resources SZITIC Trust Company.
CRC chairman and China Resource Group vice president Jiang Wei said, “This is a breakthrough for Harvest Capital as we leverage our outstanding investment management track record in USD funds to expand into renminbi funds.
“The launch of our first renminbi fund is an important step forward as we continue to develop into a multi-strategy and cross-industry fund manager.”
Last November Bain Capital sold down its stake in Hong Kong-listed Chinese real estate developer Sunac China Holdings for HK$540m ($69.7m).
The buyout house initially bought into Sunac alongside Deutsche Bank in a $97m in 2009.
Sunac, an integrated residential and commercial property developer, has engaged in project development in the Bohai-rim, South Jiangsu and Chengdu-Chongqing regions of China.
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