A $100 million fund by China's small and medium-sized developers has been raised to invest in the US real estate market, indicating Chinese developers' growing interest in expanding overseas.

“Around one to two deals are expected to close soon. We may raise more money after the Spring Festival,” said Gong Yi, director of China Real Estate Chamber of Commerce.

The fund is initiated by the US-China Real Estate Investment Center, which is affiliated to China Real Estate Chamber of Commerce.

“Investment return is not the investors' major concern,” Gong said. “They just want to diversify their business portfolios, given increasing uncertainties in the home market.”