Century Bridge Invests in $114 Million Residential Project in Taicang China Expanding Established Relationship with Chinese JV Partner, Jingrui

BEIJING and DALLAS, April 2, 2020 /PRNewswire/ -- Century Bridge Capital announced today that it has invested in a Chinese middle-income, residential project in Taicang, China.  The project is a joint venture with Hong-Kong listed developer Jingrui, with whom Century Bridge has previously developed successful projects in Ningbo and Wuxi.

Taicang Overview
Taicang is a county-level city in the district of Suzhou in Jiangsu province. Located south of the Yangtze River estuary bordered by Shanghai to the south, the city serves as an extension of Shanghai's manufacturing footprint and has attracted significant foreign investment, especially from Germany.  With over 3000 German companies in Taicang and total investment of over USD 5 billion, Taicang is well-known as the "hometown of German Enterprises".  The Taicang Port functions as an important extension of  Shanghai Port and is currently the largest river port and the 12^th largest port in China by container volume. 

Management Commentary
Commenting on the project Century Bridge CEO, Tom Delatour, noted, "The Taicang opportunity allowed us to invest in a project supported by strong local industry drivers and build on our established relationship with Jingrui. Taicang's solid economic fundamentals support the viability of the current and longer-term residential market.  We believe the 676 unit project is well positioned to capitalize on its location adjacent to the city's High-tech Zone.   In addition, the strength of the local economy should support the ongoing demand for attractive affordable downtown housing. With presales estimated to start in November 2020 we feel our timing is right on target."

Century Bridge President, Wei Deng, added, "We are pleased to be developing a third project with Jingrui.  Their established local development and sales team with whom we will be working has developed two projects in Taicang with a total gross floor area of 545,197 square meters generating revenue exceeding RMB 5 billion.  We previously worked with the general manager for the Taicang team on our joint Wuxi project which we successfully exited in 2016 and we are very excited about working with him again. Based on the success of the Ningbo and Wuxi projects and the collaborative relationship we have developed with Jingrui, we are confident that we will also benefit from their intimate knowledge of cities in the Suzhou district as we work together in developing and marketing the Taicang project."