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| Investment in a Residential Project in Tianjin |
| Prax Capital's first real estate investment was signed and funded in May 2007 in the port city of Tianjin, an emerging financial center in Northern China. Our partner, Tianjin Vcanland, is one of the top three developers in Tianjin and the project is a 165,800 square-meter Gross Floor Area (GFA) residential project with international standard apartments and facilities.
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| Regulatory uncertainty is a major hurdle when making real estate investments in China. Through our local networks, we keep in constant communication with the municipal government and had built a trusting relationship with the authorities before concluding this transaction.
Together with our developer partner, we were able to smoothly obtain all approvals and permits within 10 weeks of our investment, thereby minimizing our exposure to regulatory risk and expediting initiation of the project.
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| ˇ°We chose to cooperate with Prax Capital rather than the big investment banks because Prax demonstrated their rich knowledge of the local real estate market and their efficiency in the investment decision process. Among all the international funds I have talked to, Prax Capital's team is the most professional. ˇ±
-Mr. Defu Li, Chairman of Tianjin Vcanland Group |
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