New partners to finance massive housing project in China
Century Bridge Capital entered into a joint venture agreement with Coastal Greenland Limited after investing US $44.4 million to develop a housing project in Wuhan, China targeting the middle-income sector. Tom Delatour, Century Bridge CEO, said the investment is aligned with the company's strategy to focus on middle-income residential housing in Tier II cities.
Given that the location is already a developed area with grocery stores, schools, hospitals plus the fact that it is very near the Wuhan's financial district, the place is "very attractive for residential buyers." The project sits on a 16.2-hectare property in Hankou, Wuhan's business center.
Century Bridge China Real Estate Fund will assume US $30.4 million of the total cost while the remaining US $14.4 million will be shared by through co-investment. This is the first investment of Century Bridge Fund, which has an estimated asset of US $170 million.
China's Tier II cities will benefit from the estimated 300-400 million people who are expected to flock to the urban areas in the next 15 years.
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