Century Bridge exits Xuzhou residential development joint venture
Century Bridge Capital Investors has exited its investment in a $204m (€180m) residential development in China.
In May last year, the private equity firm announced that together with co-investor, Deutsche Finance Group, it had invested $11.1m in the 1,427 unit development in Xuzhou’s Tongshan District in a joint venture with Zhongliang Real Estate Group.
Century Bridge and Munich-based Deutsche Finance said they closed on their investment in the development last month.
Century Bridge CEO, Tom Delatour, said: “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.”
Century Bridge president, Wei Deng, said: “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.”
Deutsche Finance Group CIO, Sven Neubauer, said: “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.”
Deutsche Finance Group, an international investment manager and investor based in, 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.