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Ping An Raises RMB Fund to Invest in U.S. Real Estate

Hong Kong – Paul Hastings, a leading global law firm, announced today that it represented Ping An, a leading personal financial services group in China, in raising a Chinese RMB fund and forming two joint ventures with Pacific Eagle (US) Real Estate Fund, L.P. for the development of two U.S. residential real estate projects in San Francisco and Malibu, California.  Pacific Eagle (US) Real Estate Fund, L.P., Ping An’s joint venture partner, is a private equity fund co-sponsored by Great Eagle Holdings Limited, a leading Hong Kong property company with a long-term track-record in the U.S. real estate market, and a wholly-owned subsidiary of China Orient Asset Management Corporation, one of the four assets management companies approved by the PRC State Council.

The deal marks the first time Ping An has raised an RMB fund from high net worth investors for investment in U.S. residential development, and signals that Chinese private equity funds are following Chinese developers and insurers and are playing a more active role in both the global real estate market in general, and the US development market in particular.  

The Paul Hastings team was led by real estate partners David Blumenfeld and Paul Guan, with support from real estate associate Eugenie Hui.

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