New York-based developer Tishman Speyer has signed a new strategic partnership agreement with CreditEase Wealth Management to invest 10 billion yuan ($1.4 billion; €1.4 billion) over the next three years, the groups said last week.
The agreement aims to extend an existing partnership that CreditEase, the Beijing-based retail investment manager, and Tishman formed in 2015. Through the partnership, the parties intend to collaborate on resource sharing, fund investment, buyouts and business development on behalf of CreditEase Wealth Management's high-net-worth Chinese clients. Neither group could be reached for comment.
Tishman has invested in real estate globally, including in Chinese developments in multiple cities.
“CreditEase Wealth Management and Tishman Speyer share a common value–we're both dedicated to serve clients,” Rob Speyer, Tishman’s chief executive, said in a statement. “We look forward to further strengthening our relationship as we seek more joint investment opportunities in China and in best-performing markets elsewhere.”
CreditEase manages capital for high-net-worth individuals. The company plans to open a wealth management office in the US to serve overseas Chinese in the near future, Tang Ning, the firm’s CEO, said in a statement. He added that his firm “would become as globalized as Tishman Speyer in the next three to five years.”