Investors Receive Repatriated Proceeds from China Residential Development
BEIJING and DALLAS, June 11, 2019 /PRNewswire/ -- Century Bridge Capital announced today that it has successfully exited and repatriated the proceeds from its investment in Xuzhou, China. Century Bridge and co-investor, Deutsche Finance Group closed on their investment in the $204 million, 1,427 unit development in May 2018 in joint venture with Zhongliang Real Estate Group.
Located in Xuzhou's established Tongshan District, the development has benefited from surrounding infrastructure and amenities. The project is across the river from the Tongshan district government office and a subway line currently under construction will start operation in 2020, bringing two subway stops within walking distance to the site.
Commenting on the project and its success, Century Bridge CEO, Tom Delatour, noted, "Our team of locally based real estate professionals working together with our Chinese joint venture partner, Zhongliang, has enabled us to successfully execute our strategy and complete a timely exit from the investment. Their prior experience developing projects in the Yangtze River Delta region has been invaluable and we are pleased to be working with them on two additional projects."
Century Bridge President, Wei Deng, added, "Our timely exit from the Xuzhou investment demonstrates the continuing value that has come from our on-the-ground presence in China and our established relationships with our Chinese partners. Zhongliang has been developing projects in China for 26 years and is ranked as a top 25 real estate developer nationwide by the State Council Research & Development Center and China Index Academy. Combining their local development disciplines with the management and reporting practices required by global institutional investors, allows Century Bridge to efficiently monitor progress on our investments and determine optimal exit timing."
Deutsche Finance Group Chief Investment Officer, Dr. Sven Neubauer, added "Investing alongside Century Bridge has allowed us to benefit from their experience, established presence in the China residential market and their relationships with local development partners. Through their China-based team we are able to participate in the upside investment potential of the China residential market with the assurance that any day-to-day market and operational risks are being effectively managed by the Century Bridge local team."
Deutsche Finance Group, an international investment manager and investor based in Munich, specializes in institutional private market investments in real estate, private equity real estate, and infrastructure.
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 growing Tier 2 and 3 cities.
www.centurybridge.com
PRESS CONTACT: | COMPANY CONTACT: |
Guy Lawrence | Jeff Tucker |
Ross & Lawrence | Century Bridge Capital |
212-308-3333 | 214-270-2121 |
gblawrence@rosslawpr.com | jtucker@centurybridge.com |
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