In an expected move, Unitech International Real Estate Fund has raised $300 million to fund Unitech Ltd.'s residential projects. The investors are supposed to be Japanese banks and European HNIs.
This latest move is in line with the trend we had commented on earlier in this blog. The downside risks in the property market have resulted in downgrades for many of these developers, including United, making raising funds in domestic markets too expensive. Developers are now looking outside of the country to raise funds for projects that they have already committed to.
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