China Life Insurance Company has signed an agreement with two real estate developers, China Resources Land and Shanghai Land, to jointly launch a city development fund with a scale of 15 billion yuan (US$2.17 billion), The Paper reported.

The fund will mainly invest in office buildings, hotels, commercial and long-term apartment projects and related services projects in Shanghai’s core locations.

It will be managed by an asset investment management platform affiliated with China Life Investment Holding Co. Ltd.

The company has also launched funds to support logistic giant Cainiao’s warehousing and the reconstruction of Shanghai’s Ruihong New Town.