Article: Colony Capital and Shanghai Industrial Announce Initial Closing of First Dedicated Special Situations Fund Focused on Greater China.

Business Editors

HONG KONG--(BUSINESS WIRE)--April 22, 2004

Colony Capital Asia Pacific Pte Ltd. (Colony Capital) and a unit of Shanghai Industrial Investment Corporation (Shanghai Industrial) announced today the initial closing of the first China-focused special situations fund.

The Yangtze Special Situations Fund, L.P., sponsored by a joint venture between Colony Capital and Shanghai Industrial, had a first closing of approximately $100 million. The fund will invest in the People's Republic of China and, to a lesser extent, Hong Kong and Macau, targeting nonperforming loans, distressed assets, and distressed companies and financial ...

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