The new activity will expand a UBS presence in China that already includes a mutual fund joint venture and a private fund business

The fund has an initial $12bn from China Construction Bank and the PBOC to buy and complete unfinished projects. More insights are expected when Evergrande releases its debt plan this week

Taking into account access to different Bain pools of capital, the second fund means Bain now has $5 billion of capital to invest in the region

The London-based private equity firm was able to reach 93% of its $750-million target nearly three years after launching Actis Asia Real Estate Fund 2

The Warburg Pincus Asia Real Estate Fund is the second-largest fund dedicated to the sector in Asia after Blackstone Group's $7.1 billion fund raised in 2018, Preqin data showed