On February 22, Gemdale Group announced that its "Proposal to establish Real Estate Investment Partnership Enterprise overseas together with UBS" was passed on the 2008 first temporary shareholder meeting. The proposal says this partnership enterprise was co-initiated by Gemdale Group and UBS Global AM, a subsidiary of UBS. The fund will conduct stock investment to China property market.

Guoqiang Guo from Gemdale Group said this partnership enterprise will make property investment and stock investment. Its goal is to manage RMB-denominated real estate fund. Gemdale Group and UBS each invested US$10M for a 50% stake.

Mr. Guo also said the subscription access fee for fund limited partnerships is US$5M. The fund aims to raise US$200M, and increase to US$300M if the funds are over-subscribed. The fund will operate as planned within one year even if it fails to raise expected amount of capital.