ING Real Estate's China Opportunity Fund Raises US$350 Million

HONG KONG and SHANGHAI, China, Dec. 20 /Xinhua-PRNewswire/ -- ING Real

Estate today announced that the ING Real Estate China Opportunity Fund L.P.

("Fund" or "COF") has raised a total of US$350 million from leading

international institutional investors from Asia, Australia, Europe, Middle

East and the US, as well as from high-net worth individuals through ING

Private Banking.

The COF is a private, closed-end, total return fund. Its investment

objective is to invest in opportunistic projects with a focus on mid-range

local housing developments in first and second tier cities in China. The

majority of the Fund's investment activities will be executed through joint

ventures with high quality local Chinese developers with established track

records in China.

To date, the portfolio of the COF comprises a mixed-development joint

venture with Shanghai Forte Land in the Hong Kou district of Shanghai, as

well as two local housing projects in joint venture with Raycom

International in Changsha, the capital city of Hunan Province in the south

of central China. In addition, a joint venture for a housing development

with Gemdale Corporation in Tianjin is awaiting government approval.

Shanghai Forte is the largest developer in Shanghai and Raycom is the real

estate arm of Legend Holdings that owns the Lenovo/IBM brand of personal

computers.

Robert Lie, Chief Executive Officer of ING Real Estate Investment

Management Asia said, "We are very pleased with the response of

international investors to our new fund. It underscores our belief that,

despite the austerity measures announced by the Chinese central government

in May and August of this year, aimed at cooling the real estate market in

China, our strategy of focusing on local housing in first and second tier

cities in China in partnership with local developers is the correct one."

Richard van den Berg, Portfolio Manager and Country Manager China

said, "ING Real Estate has been operating in China for over ten years,

developing a strong track record as well as building a solid local network.

The successful closing of the fund demonstrates our co-investors share ING

Real Estate's confidence and investment approach in the Chinese real estate

market."

ING Real Estate is an international real estate company active in real

estate investment management, development and finance. With a total

business portfolio of US$103 billion as of 30 September, 2006 and offices in

21 markets in Europe, the United States, Asia and Australia, ING Real Estate

ranks among the world's strongest real estate companies.

ING Real Estate is part of ING Group, a global financial institution of

Dutch origin offering banking, insurance and asset management to over 60

million private, corporate and institutional clients in more than 50

countries.

Press enquiries:

Karen Williams

Tel: +852-2913-8536

Email: karen.williams@ap.ing.com

Wieger Sietsma

Tel: +31-70-3418474

Email: wieger.sietsma@ingrealestate.com

Suzanne Franks

Tel: +1-212-883-2535

Email: suzanne.franks@ingrealestate.com