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Pacific Alliance China Land (PACL), a company formed to invest in existing properties and new developments in China, has raised $400 million (£194 million) in conjunction with its application to float on AIM. The company’s broker is LCF Edmund de Rothschild Securities.

The company is the fifth AIM-listed fund to be launched by the $3.5 billion Pacific Alliance Group following the flotations of Pacific Alliance Opportunity Fund, ARC Capital, Vietnam Opportunity Fund, VinaLand and Vietnam Infrastructure.

PACL intends to invest across the residential, office, retail, hotel and industrial sectors. It will consider investments in pre-IPO companies, co-investments in new developments and ‘opportunistic acquisitions of distressed assets’.

Approximately 85 per cent of the company’s assets will be invested in the Chinese mainland, while the remainder may be dedicated to Hong Kong, Macau and Taiwan. However, the directors anticipate that Government investment in infrastructure and relatively low prices in China’s second- and third-tier cities are likely to generate the most attractive opportunities. The company expects individual investments to range from $30 million to $60 million.

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