Warburg Pincus, Legend forge real estate deal

The global private-equity investor will place an initial $31 million into China projects.

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,...

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