Trump Jr eyes India property

The son of US property billionaire Donald Trump is setting up a $1 billion (£500.5 million) fund to buy property in India.

Donald Trump Jr is to create the privately held fund together with investors including an Indian family.

"The fund will be for acquisitions of real estate in the high end and across the spectrum," Trump said.

"We'll start it off relatively small and grow it as we get more familiar with the Indian market."

New York-based Trump Organisation also plans a residential and hotel project in Mumbai with a local partner to tap the wealth of middle and higher-income Indians.

"Our entry has to be in Mumbai, and that's where everything is going on right now in terms of the high-end real estate," Trump said.

"That's the place where one is going to achieve the highest prices per square foot. It sets the tone for all of the other future developments."

India is growing rapidly, with GDP expanding on average by nearly 9% a year since 2004.