An investment consortium led by Standard Chartered Private Equity has invested US$124 million in an integrated commercial real estate development project operated by Chongqing-based property developer LongFor Properties Co. Ltd., according to LongFor’s official Weibo account.
Standard Chartered Private Equity is taking a 28% stake of the project by injecting US$69.4 million. The rest of the project will be financed by an undisclosed Chinese institutional investor and an Asian family group.
The proceeds will be used to construct a 24 hour commercial center in Chongqing’s main business district, with a total gross floor area of over 312,000 square meters of SOHO (Small Office, Home Office) units, office, and supporting retail stores.
This is LongFor Properties’ first partnership on a joint project with overseas investment partners.
"The Standard Chartered equity investment department always looks for partners with high quality. This investment strategy focuses on excellent partners having a good market reputation and strong execution ability for close cooperation in different markets in China, Middle East, Africa, etc," says Standard Chartered’s global head of principal finance, Joe Stevens.
Hong Kong-listed LongFor Properties has land reserves of over 41 million square meter in China. Its business covers Western China, the Bohai Sea and Yangtze River Delta region.