Century Bridge announces $125m residential development in Huai’an China
Century Bridge Capital has invested in a joint venture real estate development for a middle-income, residential project in Huai’an, a Tier 3 city in northern Jiangsu Province, China. The investment will be made through a joint venture with Zhongliang Real Estate Group.
“Market dynamics in Huai’an continue to be attractive with strong housing demand and low inventory forecast for the short and medium term,” said Tom Delatour, Century Bridge CEO. “In addition this second Huai’an joint venture development with Zhongliang allows us to leverage our combined sales and development teams’ resources over two projects and further enhance the overall profitability of these two investments.”
Century Bridge president, Wei Deng, commented, “A key component of Century Bridge’s strategy is the development of long-term relationships with trusted local partners. We are pleased to be commencing our third joint venture with Zhongliang, with whom we recently announced our initial investment in Huai’an and with whom we have partnered on our Xuzhou development project, which we announced in May. Zhongliang has been developing projects in China for 26 years and is ranked as a top 25 real estate developer nationwide by the State Council Research & Development Center and China Index Academy.”
The $125 million project includes above-ground gross floor area of 154,897 square meters (1,667,311 square feet) on a site of 89,287 square meters (961,085 square feet). The residential component will comprise approximately 91 percent of the above-ground gross floor area of the project with 141,293 square meters (1.5 million square feet) that will be developed into 344 high-rise units, 216 mid-rise units, 154 low-rise units, 240 multi-story units and 368 SOHO units (approximately 1,322 units).
Huai’an is a vibrant Tier 3 city that benefits from steady infrastructure investment and stable economic growth. GDP grew 7.4 percent in 2017 and the city has experienced steady population growth for the past five years, supporting consistent long-term demand for residential housing.
Recently, two new high-speed railway stations are currently under construction and will connect the city with the high-speed rail system extending from Shanghai to Beijing. Huai’an Airport which began operations in 2010 is currently undergoing its first expansion.
As one of the cities within the Yangtze River Delta region, Huai’an and the Huai’an Economic Development Zone are a part of the business cluster that supports many global enterprises as their global manufacturing base.
