Vantone Real Estate will launch a 1.32 billion yuan ($212 million) real estate fund, with the investment targeted at a land parcel in the capital's core Central Business District area, a senior company official said on Tuesday.

The fund, which will have a maturity period of five to seven years, is expected to bring investors an annualized yield of 12.57 to 20.09 percent, said Xu Xiaoyang, chief financial officer of Vantone Real Estate.

The investment target of the fund is the "Z3" land parcel — part of the famous Zhongfu Land area.