Real estate crowdfunding platform CoAssets (NSX:CAX) announced on Tuesday its first deal in China has successfully funded through its local platform, CoAssets China, which was opened last month.
According to CoAssets, the initiative was for the renovation of a private social venue in the Gulou District in Fuzhou, one of the largest cities in the province of Fujian. The amount of RMB1million, equivalent to A$206,000 was successfully raised in one week. It was also noted that CoAssets China is holding the business owner’s 5 private apartments worth RMB4million (A$822,000) as collateral until the repayment is paid in full.
The business seeking the investment commented:
“We went to CoAssets China as we found it encouraging that the holding company is an Australia listed entity, which gave us reassurance on the company’s credibility and disclosure. Apart from good corporate governance of a listed company, we knew of CoAssets’ reputation in Asia, and look forward to future collaborations with CoAssets via its pool of international investors.”
CEO of CoAssets, Getty Goh, then noted:
“We are extremely pleased by the successful deal completion in China, showing that there is interest and demand for our online alternative financing model, and that we are successfully connecting lenders and borrowers. We are establishing a big footprint in different regions, and it’s great to see deals funded in such a short amount of time. Small to medium business crowdfunding is the newest area we have entered, following real estate, and we are very pleased to see the initial flow of our business crowdfunding deals coming in.”
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!