Century Bridge Capital has invested USD32.8m in a joint venture with Zhejiang Headway Real Estate for the development of a residential project in Hangzhou, the capital of China's Zhejiang Province.
The project will 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.
The investment follows on Century Bridge’s recent announcement of its USD44.4m investment in a joint venture for the development of a 162,030 square meter residential project in Wuhan, China.
Century Bridge chief executive Tom Delatour says: “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. As the closest residential project to the recently completed Hangzhou subway the location offers transportation to downtown Hangzhou in 25 minutes via subway and proximity to high speed rail which provides transport to Shanghai’s Hongqiao Station in 40 minutes. In addition, mature retail, medical and education facilities are readily accessible as well as newer amenities including high-end office and retail and a brand-new hospital. Given these nearby amenities and transportation options, the project is well-positioned within the housing market for Hangzhou’s growing middle income population.”
Century Bridge president Wei Deng says: “The recognised local expertise of our developer–partner, Zhejiang Headway Real Estate, will be an invaluable asset as we work closely with them throughout the construction, development and marketing processes for the project. Their decades of experience developing projects across Hangzhou as well as the greater Zhejiang Province and their established history of being an early mover in Hangzhou’s up and coming outer districts make them an ideal partner for the development of this type of urban area in Hangzhou.”