Banyan Tree announces final closing of Banyan Tree China Hospitality Fund at RMB 1.07B
Category: Corporate Announcements
18 Jan 2011
Singapore–The Board of Banyan Tree Holdings Limited is pleased to announce that it has successfully closed its first Renminbi denominated private equity fund in China, the Banyan Tree China Hospitality Fund, on 16 January 2011 with total capital commitments of RMB 1.07 billion (S$ 214m).
Tianjin Banyan Tree Capital Investment Management Co., Ltd, a wholly-owned subsidiary of the Company established in the PRC, is the General Partner of the China Fund.
THE CHINA FUND
The China Fund is a private equity investment fund and has been constituted in the form of a limited liability partnership under the laws of the People’s Republic of China (PRC). It will primarily make equity investments in onshore companies undertaking hospitality projects in the PRC that will be operated under the Company’s brands 'Banyan Tree' and 'Angsana'.
The China Fund has made no investments to date but is well positioned to do so in 2011 with an identified pipeline of investment opportunities.
Executive Chairman of Banyan Tree Holdings, Mr Ho Kwon Ping says: “The China Fund will further enable us to establish a portfolio of resorts and hotels in the fast developing economy of China, in line with the expansion of our plans for Banyan Tree and Angsana-branded properties into this market. With the five resorts that we currently operate and manage in the country and another 18 in the pipeline, we will be undertaking hospitality projects in the PRC that will be operated under the Company’s brands of Banyan Tree and Angsana. Banyan Tree Holdings will invest an amount equivalent to at least 5% of the total capital commitments of the Final Closing” he said.