14 December 2011, Hong Kong – Mayer Brown JSM acted for Yihai Capital Partners Limited ("YCP"), a specialised real estate investment and asset management company wholly owned by Yihai Group (Holdings) Limited, which has announced the first closing for its Yihai China Community Development Fund I, L.P. (the "Fund").
Yihai Group (Holdings) Limited is a privately held group that has been active in China since 1990 and has been operating schools in China since 1998. Yihai Group (Holdings) Limited was founded by Ms. Linda Wong, an entrepreneur and educator with a passion for charity work. Yihai Group (Holdings) Limited has four main business units: real estate development, education, property management, and fitness & spa, and employs over 1,600 staff.
The Fund is a real estate development fund that will invest in mid-market residential development opportunities anchored by educational facilities in China. The Fund's target size is US$250 million and was marketed globally by Citi Private Bank as placement agent.
"Given the tumultuous and challenging economic and capital raising environment, achieving a first close for the Fund in a short period of time is a great achievement," said Grady Lam, Chief Executive Officer of YCP.
"I expect China's economic growth, urbanisation trend, growing middle class, transportation bottlenecks, and thirst for higher education, to generate demand for quality residential property developments with convenient access to schooling, of the kind which this fund seeks to develop," said Phill Smith, a partner of Mayer Brown JSM in Hong Kong.
The Fund has a pre-identified pipeline of potential development projects across various cities in China. The Fund's first investment is intended to be the Red Lotus Lake development project in Ezhou City in the greater Wuhan area in Hubei Province.
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