AXA Real Estate Investment Managers said Monday it signed a memorandum of understanding with Ping An Trust to co-invest in developing high-end residential projects in China.

The cooperation could open the opportunity to launch a dedicated Chinese real-estate fund, AXA said.

AXA, with more than EUR40 billion in assets under management, is the largest real estate fund manager in Europe and the fourth largest in the world.

-By Ellen Sheng, Dow Jones Newswires; 852-2832-2336; ellen.sheng@dowjones.com