Ivanhoe Cambridge has announced it will play a key role in the growth of Chongbang, a Shanghai-based retail-anchored mixed-use developer, owner and operator.

Along with Dutch pension asset manager APG Asset Management N.V., Ivanhoe will buy an approximate US$920 million interest for an undisclosed stake in the Chinese company.

Chongbang owns and operates 4.5 million square feet of retail and commercial space in Shanghai, with another 4.5 million square feet under development.

Rita-Rose Gagné, executive vice-president of growth markets, for Ivanhoé Cambridge, called the investment a milestone in Ivanhoe’s strategy to increase allocation in key growth markets in China. Plans include investing in more select, large-scale real estate projects in the Shanghai region.

Chongbang was founded in 2003 by a group of Singaporean and Hong Kong investors.

“Chongbang’s team has an outstanding track record and a compelling long-term vision,” added Gagné, “They are known for solid execution in creating and managing mixed-use, retail-focused projects. Now, they are better positioned than ever to respond to evolving consumer preferences and to new technologies that are reshaping the customer experience.”