Standard Chartered invests $35m in Chinese developer

UK bank Standard Chartered continues to invest in Chinese property developers with a $35m investment in Beijing-based Sino Ocean Real Estate Development.

The private equity arm of UK bank Standard Chartered is reportedly investing $35 million (€27 million) in Sino Ocean Real Estate Development.

Chinese shipping and real estate company Cosco International invested $50 million in Sino Ocean last August, upping its investment in the developer from 20 percent to 44 percent.

Beijing-based Sino Ocean focuses on the residential and office sectors and it reportedly plans to expand to Tianjian, Dalian and Shenyang.

Standard Chartered has reportedly invested $135 million in China-based developers since the beginning of last year.

Last summer the firm, alongside investment bank Morgan Stanley, invested $50 million in developer Shimao Property. The developer was listed in June 2006, raising HK$3.7 billion ($476 million; €379 million). Shimao is controlled by Hui Wing-mau and develops luxury properties across China in the residential, hotel and commercial sectors.

Last July, Standard Chartered also made a HK$370 million ($47 million; €37 million) investment in Greentown China Holdings, a Hangzhou-based company that develops properties in the Yangtze River Delta.