Century Bridge Capital and Jingrui have expanded their China residential joint venture with an investment in a $103m (€87m) project in Taicang.
In April the companies announced an initial $114m joint venture development in Taicang. Century Bridge and Hong-Kong-listed developer Jingrui have in the past developed projects in Ningbo and Wuxi.
Century Bridge CEO, Tom Delatour, said: “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 capitalise on the ongoing demand for attractive affordable middle-income housing.”
Century Bridge president, Wei Deng, said: “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.
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