Donald Trump Jr, whose father built a multibillion dollar fortune in real estate, plans to set up a fund of as much as $1 billion to buy property in India, betting on the nations growing wealth. Trump may create the privately held fund with investors including an Indian family, he said.
He didnt give specifics on how hell raise the money, or when the first investment will be made. Trump would join Deutsche Bank AG and Lehman Brothers Holdings Inc in amassing funds to invest in a market that recorded the worlds highest growth in millionaires last year, fueling demand for luxury homes.
The highest borrowing costs since 2002 have ended Indias five-year property boom, curbing valuations of projects and developers. The real estate market is in a downturn now, said Ritesh Vohra, director of investments at Mumbai-based Saffron Asset Advisors, which manages more than $400 million in two property funds. Theres some more pain left over the next two years or so, and that could be an opportunity to invest.
More : timesofindia.indiatimes.com
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