Singapore business park developer Ascendas signs cooperation deal with China's Ping An Trust.

Ascendas, the Singaporean business park developer, has partnered with a Chinese wealth management firm to explore co-investment opportunities in China and other Asian markets. 

Through the memorandum of understanding signed with Ping An Trust, the wholly-owned subsidiary of Ping An Insurance, the two firms will cooperate in a range of areas, including co-investment and the setting up of RMB-denominated funds, as well the potential of Ping An leasing space in Ascendas properties. 

The Singapore developer specialises in masterplanning, managing and marketing IT parks, industrial and logistics parks, business parks and other hi-specs facilities. In 2002, Ascendas launched Singapore's first business space trust, the Ascendas Real Estate Investment Trust, and since then launched similar products in India, Australia, China and Japan. Besides listed real estate funds, it also manages a series of private funds with commercial and industrial assets across Asia. 

"Ascendas has an experienced team with a proven track record in real estate investment, asset management and development management. We look forward to building a mutually beneficial relationship with Ascendas through its strong presence in China and other key Asian markets," said Song Chengli, president of Ping An Trust. 

Ping An Trust caters to the needs of high net worth individuals and institutional clients and has around RMB212 billion ($34.5 billion) in assets under management.