Ashmore Investment Management, the London-based emerging-markets investor, has defied fears of a bust in China's real estate markets by snapping up a minority stake in a Hong Kong-listed property manager.

Ashmore has taken a 39% stake in Everbright ALAM, a real-estate fund manager jointly-owned by China Everbright, a Chinese financial conglomerate, and RSQI, a property manager. Everbright ALAM currently manages about $210m (€173.1m) in a single fund, with a second round of fundraising due.