Wilmar International’s billionaire founder Kuok Khoon Hong has tripled his stake in a China property trust and set up a S$500 million ($400 million) investment firm with a former CapitaLand executive, raising his exposure to the real estate sector.

Kuok, Singapore’s second richest man according to Forbes, increased his deemed interest in Perennial China Retail Trust to 16.9 percent from 5.0 percent, Perennial said in a statement late on Wednesday.

He will also set up an investment vehicle called Perennial Real Estate Holdings with Perennial China’s founder Pua Seck Guan. Kuok will have an interest of around 49.5 percent, while Pua, the former head of retail at Southeast Asia’s biggest developer CapitaLand Ltd, will hold 20 percent.

Through his investment in Perennial Real Estate Holdings, Kuok will also gain a bigger stake in the entity that manages Perennial China.

News of Kuok’s increased stake in the trust, which he bought…