BEIJING and DALLAS, Oct. 6, 2020
4th Jingrui Joint Venture Capitalizes on COVID-19 Rebound in Strong Local Market
BEIJING and DALLAS, Oct. 6, 2020 /PRNewswire/ -- Century Bridge Capital announced today that it has invested in a second Chinese middle-income, residential project in Taicang, China with Hong-Kong listed developer Jingrui. The $103 million project follows the April announcement of an initial $114 million joint venture development in Taicang with Jingrui, with whom Century Bridge has previously developed successful projects in Ningbo and Wuxi.
Taicang is a county-level city in the district of Suzhou in Jiangsu province. Geographically the closest city to Shanghai along the Yangtze River with excellent transportation infrastructure, including a recently completed High-Speed Railway Station, which started operations in July and has reduced travel time to downtown Shanghai to 15 minutes, increasing its attraction for homebuyers from Shanghai. A number of companies have moved their headquarters from Shanghai and foreign investment has been attracted to the city, including over 300 German companies that have invested a total of over USD 5 billion. The Taicang Port functions as an important extension of Shanghai Port and is currently the largest river port and the 12th largest port in China by container volume.
Commenting on the project Century Bridge CEO, Tom Delatour, noted, "This second Taicang opportunity will allow us to invest in another project supported by strong industry drivers and a recovering local economy. Taicang's solid economic fundamentals support current and longer-term middle-income residential demand. Consistent with this outlook we believe our second Taicang project along with our previously announced project is well positioned locally to capitalize on the ongoing demand for attractive affordable middle-income housing."
Century Bridge President, Wei Deng, added, "We are pleased to be developing a fourth project with Jingrui. We are already working successfully with their established local development and sales team on the first Taicang project which we announced in April. The completion of the High-Speed Railway Station, which started operations in July, will provide additional support for housing sales in downtown Taicang, especially for the areas close to the High-Speed Railway Station where our projects are located.
Taicang Investment - KEY FACTS
Century Bridge is a private equity firm with offices in Beijing, China and Dallas, Texas. The firm is focused exclusively on investment in the middle-income, residential real estate sector in China's growing Tier 2 and 3 cities.
Ross & Lawrence
Century Bridge Capital