rreef-in-first-prc-property-deal

RREEF in first PRC property deal

Deutsche BankÆs real-estate arm will develop a residential property project in Zhuhai.
RREEF, the infrastructure and real-estate wing of Deutsche Bank, is to enter mainland ChinaÆs property industry via an investment in a mid-market, mass residential project in Zhuhai to be named æZhongzhu UptownÆ.

Investing alongside Chinese and Macanese co-investors, the residential project comprises of 2,000 apartments built on a 106,000 square metre site. The development will be aimed at Chinese middle-managers with families. The flats are expected to cost between $50,000 and $100,000. Construction is expected to begin this year, with pre-sales early in 2007.

The project is expected to gross $225 million, but the amounts initially invested or the internal rates of return have not been disclosed. The Chinese partners are understood to be...
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