KaiLong Greater China Real Estate Fund II raising $500m, Allianz takes 35% share. : KaiLong’s second greater China commercial real estate fund, which plans to raise $500m (€431.5m), has received $175m from Allianz Real Estate. Allianz said it will take a 35% share in KaiLong Greater China Real Estate Fund II (KGCREFII), a closed-ended fund targeting value-add commercial real estate opportunities in China and Hong Kong. The remaining interest in the KGCREFII fund will be held by like-minded long-term institutional investors, Allianz said.