Portman Holdings Ltd., an Atlanta- based developer expanding in the Asia-Pacific region, plans to use its recently set up Hong Kong operation to tap international investors to fund property projects.
The company wants to raise funds from institutional and private investors for its projects estimated to cost $100 million to $1 billion each, Stanley Chin, managing director for Greater China for the company, said in an interview in Hong Kong yesterday. Portman doesn’t have a specific target for the amount it’s seeking to raise, he said.
Portman is betting housing demand fueled by an expanding middle class in China and India, the world’s two-fastest growing major economies, will underpin their property markets. Hong Kong billionaire Li Ka-shing’s Cheung Kong (Holdings) Ltd. (1) and CapitaLand Ltd., Southeast Asia’s biggest developer, said in November they are planning more investments in China.