The Asset and Capital Management division has been established to:

• create and manage residential development funds;
• enhance the Group’s capital efficiency and return on equity, through accessing third party capital to fund a growing proportion of the Group’s residential development activities; and
• to hold the Group’s strategic listed and unlisted investments.

The Division is expected to generate earnings from the management of residential development funds through base fund management fees, project management fees and performance fees.

The funds are anticipated to be generally short term in nature ranging from two to five years, consistent with the existing project durations, but may be longer in certain circumstances.  The funds are likely to encompass both house and land and land only developments.