Our CITIC Capital China Real Estate Investment Fund III invests in commercial and residential projects as well as opportunistic investments in pre-IPO of Chinese real estate companies. The fund focuses on development projects in the first and second tier cities in affluent regions including the Pearl River Delta, Yangtze River Delta, Pan Bohai Gulf region and other major cities such as Chengdu, Wuhan and Chongqing. The fund will also invest in completed or near-completed commercial properties, with a special focus on value-adding opportunities for distressed properties. In addition, this fund will look for opportunistic equity investments in leading local developers with an IPO potential.

Up to March 2008, this fund has raised capital commitment in excess of US$300 million out of target size of US$500 million.