Century Bridge Capital has invested US$32.8 million in a joint venture with Zhejiang Headway Real Estate for the development of a middle-income, residential project in Hangzhou, China, according to a company announcement.
"The Hangzhou project is consistent with our strategy of investing in middle-income housing in Tier II Cities that benefit from China’s expanding infrastructure investment and continuing urbanization trend," said Century Bridge CEO Tom Delatour.
The project will reportedly comprise 321,119 square meters and is located in New Lingping City in a well-developed district in northeast Hangzhou.
Funding for the investment was provided by Century Bridge China Real Estate Fund, L.P. The investment follows on Century Bridge’s recent announcement of its US$44.4 million investment in a joint venture for the development of a 162,030 square meter residential project in Wuhan.
Century Bridge Capital 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 II cities.
Its China-focused private equity real estate fund, Century Bridge China Real Estate Fund, L.P., has over US$170 million of total committed capital from nine global institutions.