Search
 

Deutsche Ventures Into China With $225M Project

BEIJING-Deutsche Bank has made its first venture into Chinese development funding a $225-million commitment to a residential development in Zhuhai.

By Anita Howarth | Updated on November 08, 2006

(To read more on the multifamily market, click here, and for more retail coverage, click GlobeSt.com/RETAIL.)

BEIJING-Rreef, the real estate investment management arm of Deutsche Bank, has made its first foray into China’s property market with a $225-million investment in a large residential project in Zhuhai, China. The fund plans to develop a residential development on a 1.1-million-sf parcel in Zhuhai over the next three years The project, which will be called ‘Zhongzhu Uptown,’ will comprise 2,000 apartments in roughly 20 towers and a small number of retail units.

Rreef has teamed up with joint venture partners New Genesis International, a Macanese investor, and Chinese co-investors Zhuhai Zhong Zhu Stock, a Zhuhai property developer, and its sister company Xihai Group. Genesis and Zhongzhu have already undertaken a residential project together in Zhuhai.Rreef has a 50% interest in the project while New Genesis has a 25% share, and Zhongzhu and Xihai have a 20% and 5% share respectively. Zhongzhu has been appointed project manager.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.