Ninetowns Sets Up $17M Fund To Acquire Chinese RE Co.

Law360, New York (November 1, 2011, 3:51 PM EDT) -- A subsidiary of Chinese software company Ninetowns Internet Technology Group Co. Ltd. has entered into a partnership agreement with two private equity firms to create a 110-million-renminbi ($17.3 million) fund in order to acquire a residential real estate developer, the company said Tuesday.

Beijing Ninetowns Ronghe Zhihui Network Software Services Co. Ltd., which provides online international trading services to more than 130,000 companies worldwide, will partner with the two firms to raise funds for the purchase of Binzhou Ruichen Real Estate Development Co. Ltd. by October...
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