Housing developer Stonewood Group is launching a capital raising arm which aims to initially raise $25 million for housing. Stonewood Capital would provide an alternative to bank funding for the group's developments by franchisees and licencees, the group's co-founder John Chow said. Its first venture will a $25 million property development vehicle, which could be extended to $50m depending on demand. Unlike the banks, Stonewood Capital would not have a significant presales requirement, he said. As well as a residential fund, Chow said Stonewood Capital might also launch a commercial fund which would potentially involve funding several significant redevelopments.

Source: Stuff November 19, 2020 08:03 UTC