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Ivanhoé Cambridge and APG Take Stake in Chinese Mixed-Use Developer


Ivanhoé Cambridge and Dutch firm APG Asset Management have acquired a strategic interest in Chongbang, a Shanghai-based developer, owner and operator of retail-anchored mixed-use projects, via a US$920M capital raising. Chongbang currently owns and operates 4.6M SF of retail and commercial space, primarily in Shanghai (including Life Hub @ Daning, above), with another 4.5M SF under development. Ivanhoé EVP Rita-Rose Gagné noted the deal represents a milestone in her company’s bid to significantly increase its allocation in key growth markets, where China is an “important pillar.”