Firm raises €382m to purchase seven Chinese properties

CHINA Real Estate Opportunities (CREO), the property vehicle controlled by Johnny Ronan and Richard Barrett, has completed a £259 million (€382m) fundraising drive.

The money will be used to purchase seven sites in Shanghai and Beijing in China by CREO in what is one of the largest property deals in the country by an overseas firm.

China Real Estate Opportunities will also buy a property in Shanghai from Real Estate Opportunities (REO), a separately quoted company in which Mr Barrett and Mr Ronan are the largest shareholders.