PRINT THIS PAGE US Colony Capital and Shanghai Industrial reach first close for special situations fund23/04/2004. Source: AltAssets. 
 US Colony Capital and Chinese conglomerate Shanghai Industrial have reached a first close on their special situations fund with $100m of commitments. The Yangtze Special Situations Fund will invest in non-performing loans, distressed assets, companies and financial institutions in China, Hong Kong and Macau.
'This is an exciting new venture for Colony Capital,' said Thomas Barrack, chairman and chief executive officer of Colony Capital. 'The Chinese government and business community are aligned in their determination to rectify many of the nation's non-performing and inefficient assets.'
Colony Capital has invested in more than $600m in Asia since 1998. The firm has Asian offices in Tokyo, Taipei, Hong Kong, Shanghai and Seoul.
'Colony is highly regarded in Asia and their international experience in deal sourcing and execution make this a very exciting venture,' said Chen Wei Shu, vice chairman of Shanghai Investment.
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