The Hong Kong property development firm Cheung Kong Holdings has joined forces with a Dubai-based bank to form an Islamic-compliant trust for investment in Asian real estate.
According to a statement made through the Hong Kong Stock Exchange, Cheung Kong, controlled by the Hong Kong tycoon Li Ka-shing, will invest up to US$34.2 million representing an approximate 22.8% stake.
An additional 7.2% stake will be owned by associate firm Hutchison Whampoa, also controlled by Li. The remaining 70% will be controlled by the Dubai Islamic Bank.
The trust, known as Al Islami Far Eastern Real Estate Ltd, is based in Bermuda and managed by ARA Asset Management, jointly owned by its management and Cheung Kong.
The Fund is closed ended and provides an Islamic-compliant source of finance for investment in commercial property ventures in China, Hong Kong, Singapore, Kuala Lumpur and Seoul.
The aggregate maximum equity capitalization of the Fund has been set at US$150,000,000. The Fund is also permitted to leverage its investments up to a maximum of 70% of the gross asset value of each such investment held by the Fund.
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