Nowadays, capital targeting the China RE market seems easy to raise than ever.  Anyone has any plan like the following article in the future?  Maybe we should team up and discuss.  I personally believe fund raising is a prominent career if China is your ultimate settle-down in real estate.

Debut China Fund Exceeds Goal

Winnington Capital has found significant investor interest for its first real estate fund, an opportunistic vehicle targeting development in China.

The Hong Kong player initially set out last summer to raise $750 million for Trophy Property Development Fund. But market players said the fund is about to surpass $1 billion of equity and could wind up with as much as $1.3 billion.

About a third of the fund’s equity is expected to come from U.S. players, with the rest split among Asian, Australian and European investors. The fund sponsor is contributing at least $50 million. Placement agent C.P. Eaton & Associates declined comment.

Winnington is one of several sponsors that recently began reaching out to U.S. investors for funds that will plow a significant amount of their equity into China and/or Hong Kong. Others include Boston-based AEW Capital Management (which is seeking $350 million for AEW Value Investors Asia), Singapore-based ARA Group ($1.8 billion for ARA Asia Dragon Fund), Washington-based Carlyle Group ($1 billion for Carlyle Asia Real Estate Partners 2), Dallas-based Invesco Real Estate ($400 million for Invesco Asia Real Estate Fund) and J.P. Morgan ($500 million for J.P. Morgan Greater China Property Fund). Also, ING Real Estate plans to raise about $700 million later this year for its ING Real Estate China Opportunity Fund 2, following a $350 million vehicle launched in 2006.

Winnington will seek about a 25% return by investing in developments with office, retail and/or residential-condominium components. The fund charges a 2% annual management fee. After investors get a 12% preferred return, Winnington is entitled to 20% of any additional profits.

The company was founded by Kenneth Hung in 1999 and has since operated a series of hedge funds, primarily targeting China, that carry the Trophy name.

Source: Real Estate Alert 02/20/08