China's biggest developers are pooling money for a real estate fund of funds to seek investment opportunities as the nation maintains curbs on the property market, according to Noah Holdings Ltd, said Bloomberg.

Evergrande Real Estate Group Ltd. and Guangzhou R&F Properties Co. are among developers that "expressed a strong interest" in investing in TOP50, a fund of funds being set up by Noah, a New York-listed provider of wealth management services, and E-House China Holdings Ltd., according to an emailed statement from Noah today.

Chinese developers will form a cornerstone fund to invest in TOP50, which will also raise cash from private investors before investing in a fund that holds stakes in "top quality" projects by the nation's biggest 50 real estate companies, according to the statement that didn't provide the size of the funds. Real estate funds can provide more opportunities as the industry reduces its reliance on bank loans, Noah's Chief Executive Officer Wang Jingbo said in the statement.

TOP50 will also invest through a "special opportunity fund," according to Noah, a unit of which will manage the fund of funds.

Source:chinesestock