Century Bridge Capital Announces Exit from Second Joint Venture Investment With Jingrui Holdings
Investors Receive Repatriated Proceeds from China Residential Development
BEIJING and DALLAS, June 5, 2017 /PRNewswire/ -- Century Bridge Capital announced today that it has successfully exited and repatriated the proceeds from its investment in Ningbo, China. The fund closed on its investment in the $122 million, 840 unit development in March 2016 in joint venture with Hong Kong listed national developer, Jingrui Holdings. The investment represents Century Bridge's second joint venture residential investment with Jingrui following its first investment with Jingrui in Wuxi, China, from which it exited in December of 2016.
Located in an established in-fill location in Ningbo, the development is Phase III of a successful ongoing project and benefited from existing project resources. The project is well-located near subway and bus transportation, the 170,000 square meter 200-store Yintai Plaza shopping mall as well as 130,000 square meters of adjacent hotel and office space. A full range of high quality educational and medical facilities are also within a three kilometer radius of the project.
Commenting on the Ningbo project and how it exemplifies his firm's investment strategy, Century Bridge CEO, Tom Delatour, noted, "A critical and differentiating component of our strategy is to have our team of locally based real estate professionals work together with experienced Chinese joint venture partners. Jingrui has proved to be an ideal partner for us with that strategy and with them we have now worked together on projects in both Wuxi and Ningbo."
Century Bridge President, Wei Deng, added, "The success and timing of the exit from our second investment with Jingrui demonstrates the growing value that comes from our established presence in China and the benefit of our relationships with our Chinese partners. Combining the local development disciplines of partners like Jingrui with the management and reporting practices required by global institutional investors allows us to efficiently source and execute on prime development opportunities such as the Ningbo and Wuxi projects. As a source of additional capital, in combination with our aligned project goals, we are well positioned to capitalize on opportunities for follow-on investments with our Chinese development partners, as well as achieve the financial returns we target for our investors."
Century Bridge Capital is a private equity firm with offices in Dallas, Texas and Beijing, China. The firm is focused exclusively on investments in the middle-income, residential real estate sector in China's fast growing Tier II cities.
| PRESS CONTACT: |
COMPANY CONTACT: |
| Guy Lawrence |
Jeff Tucker |
| Ross & Lawrence |
Century Bridge Capital |
| 212-308-3333 |
214-270-2121 |
SOURCE Century Bridge Capital
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