Xingjing Capital, the investment platform of Chinese conglomerate Fosun Property, has announced fundraising of RMB 6 billion ($965 million) to invest in public private partnership (PPP) infrastructure projects across China.

The firm said it will target replacement housing projects and public facilities and will enable around 80 infrastructure projects to receive private capital, according to a statement seen by local media outlets.

Its focus will include tier one cities in China, as well as certain east coast and western areas. Xingjing Capital says it is planning to expand the fund's operations and regional reach if the initial implementation proves to be successful.

The Chinese government has encouraged public-private partnerships to drive the country's infrastructure projects, and help accelerate urbanization in China, leveraging private capital and expertise.Founding partner of Xingjing Capital, Wen Xiaodong, said in a press release:

"The concept of public-private partnerships come at an opportune time when local governments' finances are in a tight position."

The fund will be used to capitalize replacement housing projects and public facilities, as well as large-scale communities in city peripheries.