Private equity firm Century Bridge Capital disposed of its stake in a US$122 million residential project in Ningbo, China, exiting from a partnership it formed with Jingrui Holdings.
The 840-unit project was Century Bridge's second joint residential development with the Hong Kong developer, after a first project in Wuxi, China.
The Ningbo development is into its third phase and is located close to subway and bus stations, a 170,000-square-meter shopping mall and other hotel and office facilities.
According to its website, Century Bridge's strategy in the Chinese property sector is the establishment of partnerships with local companies, in order to inject capital into the development of "middle class, residential properties" in China's second-tier cities. The firm has offices in Beijing and Dallas.