$204M Chinese Project Attracts US, German Capital
Century Bridge Capital and Deutsche Finance Group are investing in the 1,427-unit community, which will be located in Xuzhou, a northeastern gateway city between Beijing and Shanghai.
Through a joint venture with Zhongliang Real Estate Group, Century Bridge Capital and its co-investor Deutsche Finance Group have invested $11.1 million in a residential project in Xuzhou, China.
The development will comprise 1,427 units totaling 1.9 million square feet. The property includes a total gross buildable area of 2.5 million square feet on a 801,780-square-foot site. Nearby amenities include a local shopping mall and access to a riverfront park from the northern part of the project.
The $204 million project will be located within Xuzhou’s Tongshan District, halfway between Beijing and Shanghai. The gateway city provides access to One Belt One Road, producing a major connection to other Chinese provinces and cities through its highway, railroad, air and tunnel infrastructure. A subway line is currently under construction that will bring two stops within walking distance to the site once operational in 2020.
“The investment demonstrates the increasing value of our established strategy and the ability of our China-based team to source, structure and execute on attractive opportunities for joint venture residential developments in Tier II and III Chinese cities,” said Tom Delatour, CEO of Century Bridge, in a statement. “Located in an established and growing district of Xuzhou, which has experienced increasing levels of affordability over the last five years, we believe the units will draw residential buyers, particularly in the context of what is a five-year historic low of inventory across all products types throughout the city.”
Image courtesy of Century Bridge Capital