BEIJING and DALLAS, Dec. 12, 2016 /PRNewswire/ -- Century Bridge Capital announced today that Century Bridge China Real Estate Fund, L.P. has successfully exited and repatriated the proceeds from its investment in Wuxi, China. The fund closed on its investment in the $217 million development in April 2014 in joint venture with Hong Kong listed national developer, Jingrui Holdings.
Located in the city of Wuxi in an established in-fill location in Xidong New City the development is part of a growing neighborhood in the Xishan Industrial District of Wuxi. The project is adjacent to the Wuxi East High-Speed Train Station with close proximity to educational resources, retail amenities, and local subway transportation as well as hospital facilities. The development includes 1,694 residential units in six high rise towers and a series of low rise townhouse structures.
Commenting on the Wuxi project and how it exemplifies his firm's investment strategy, Century Bridge CEO, Tom Delatour, noted, "When we established our operations in China ten years ago, we implemented a dedicated strategy, focusing on middle class housing in Tier II cities. A critical and differentiating component of our strategy was to work together with experienced Chinese joint venture partners. Jingrui Holdings, an established national development company, was a perfect fit with that strategy and with them we were able to jointly determine a unit mix of townhouses and high rise units for the Wuxi development that met market demand and then successfully execute our construction, development and marketing strategies for the project."
Century Bridge President, Wei Deng, added, "Our local team of real estate professionals has been critical in identifying and negotiating joint venture agreements with our Chinese partners, working side-by-side with them to underwrite middle-income residential projects, and then jointly managing our developments. This approach, which combines local development disciplines with the management and reporting processes required by global institutional investors, has allowed us to source prime development opportunities such as the Wuxi project and structure ventures that meet the mutual investment criteria of our JV partners and our investors."
Century Bridge Capital is a private equity firm with offices in Dallas, Texas and Beijing, China. The firm is focused exclusively on investment in the middle-income, residential real estate sector in China's fast growing Tier II cities. Its China-focused private equity real estate fund, Century Bridge China Real Estate Fund, L.P., raised over $170 million of total committed capital from ten global institutions.
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SOURCE Century Bridge Capital