Tishman Speyer is planning to raise further dollar-denominated funds to invest in real estate in the People's Republic of China, now that the country has ended its zero Covid policy, PERE reports.

"Now that [investors] are allowed to come to China, they can visit the projects and assets, it is very important and it's definitely good news for them," Tishman Speyer China CEO Wilson Chen told PERE.

Chen added that with the reopening of China, property types there such as retail and hotels will enjoy a rebound, as Chinese consumers are eager to resume spending.

The report came not long after the real estate giant sold the Springs Center, a 10-building mixed-use campus in Shanghai — and part of a larger ongoing development called The Springs — for about $1.1B to a fund co-managed by CapitaLand. Tishman Speyer characterized the deal as one of the largest in Chinese commercial real estate in 2022.

Springs Center was the last asset in the Tishman Speyer China Fund, which the company launched in 2008 to pursue opportunistic deals in China, and which is now being liquidated.

In November, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a joint 16-point plan to ease restrictions on the country's real estate industry. The restrictions were put in place in 2020 and are generally credited with spurring a liquidity crisis at several Chinese developers, most notably China Evergrande Group.