Century Bridge Invests in $114 Million Residential Project in Taicang China Expanding Established Relationship with Chinese JV Partner, Jingrui - Seite 2

Taicang Investment - KEY FACTS

• Taicang, located in the heart of the Yangtze River Delta Region, is geographically the closest city to Shanghai alongside the Yangtze River and is strongly integrated with Shanghai. In 2018 Taicang's GDP grew 11.9%, surpassing the national growth rate of 6.6%, with a total GDP of 133.1 billion RMB and achieving a 5-year compounded annual growth rate (CAGR) of 7.4%.
• Residential demand drivers – The project is located next to Taicang's High-tech Zone where over 3,000 German enterprises are clustered. With limited land availability there is a lack of residential supply in the Taicang's downtown, with only seven comparable projects available for sale. Due to increasing job opportunities created by the consistent business growth, the permanent population has increased by approximately 12,200 residents over the past five years.
• Location - The Xinhu Industrial Area where the project is located is included in the downtown area. East of the project is the Taicang High-tech Industrial Zone where substantial employment growth continues to generate a large number of potential buyers.
• Amenities and Transportation – The site is within close proximity to Elementary and High Schools, Medical services, shopping centers, parks and recreation facilities are within 10 minutes by car. Two high-speed railways under construction with expected completion in June 2020. Upon completion travel time to Shanghai will be reduced to 15 minutes.
• Personal Income Growth/Affordability - Average per capita disposable income grew to RMB 63,076 in 2018 reflecting an annual growth rate of 8% for the five years ended December 31, 2018 and making it higher than most cities in China. In the downtown area the housing price-to-income ratio of a typical apartment for a household of three is estimated at 9.7. With an expected average price of RMB 15,000, our project will be more affordable at a price-to-income ratio of 7.9.
• Joint Venture Partner – The project is being developed by a joint venture of Century Bridge and Jingrui, a Hong Kong listed developer with which Century Bridge has previously developed projects in Ningbo and Wuxi.
• Development – The $114 million project includes above-ground, gross buildable area of 65,511 square meters/705,159 square feet on a site of 32,722 square meters/352,757 square feet.
• Residential – Will comprise approximately 64,224 square meters/691,315 square feet, representing 98% of above ground, gross buildable area, consisting of eight high-rise buildings with 676 residential units and including 503 underground parking spaces.

Century Bridge 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 2 and 3 cities.