Global private-equity player Warburg Pincus, with $12.5 billion under management, has teamed up with Legend Holding's real estate arm, Raycom Real Estate Development, in a strategic cooperation agreement to jointly invest in and develop projects in China.
Initially, Warburg Pincus will invest $31 million in projects Raycom is now developing, including Olive City, a large mid-end residential development in northeast Beijing. The partnership will also invest in commercial developments, in both first- and second-tier cities.
The two firms are hoping to build a model of cooperation between a Chinese developer and a global foreign investor, which the parties claim is a market first. Raycom brings local knowledge,...
