Century Bridge Capital has invested US$44.4 million in a joint venture with Coastal Greenland Ltd. for the development of a middle-income residential project in Wuhan, China, according to a company announcement.
The project will comprise 162,030 square meters and is located in Wuhan’s downtown business center.
Century Bridge is contributing US$30.5 million of the funding, and the remaining US$14.4 million is provided through co-investment.
The investment is the first by Century Bridge. The Beijing and Dallas-based real estate private equity firm has over US$170 million of total committed capital from nine global institutions.
"This investment in Wuhan is right in line with our strategy of investing in middle-income, residential housing in Tier II cities," says Tom Delatour, Century Bridge’s CEO. "The location of the project is in an already mature district where supermarkets, schools, hospitals and recreational facilities are within walking distance, along with convenient access to Wuhan’s financial district."
Up to 400 million people are expected to relocate to China’s cities in the next 15 years. The ongoing urbanization will drive demand for middle-class housing in China’s Tier II cities.
Founded in 1990, Coastal Greenland Ltd. is a real estate investment company based in Hong Kong.