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| Investment in a Mixed - Use Project in Wuhan |
| In September 2007, Prax Capital secured its second investment located in Wuhan, the capital city of Hubei province in central China. Partnering with Wuhan Peng Chen Group, a leading local developer, the joint venture will develop a prime site in downtown Wuhan. The mixed-use property with a GFA of 95,000 square-meters, comprises retail space and serviced apartments.
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| In addition to providing capital, we contributed in-depth knowledge of the industry, especially with respect to financial and risk control, which won our partner's trust during the review process. We worked alongside our partner in negotiations with the seller of the site, contributing to the timely completion of the transaction and advised on the most effective legal and financial structure for the deal.
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| ¡°I have complete trust and confidence in Prax as they are meticulous in all aspects of the process. If an investment project can meet Prax's standards, then I have added assurance in the quality of our investment decision.¡±
-Mr. Ching Kit, Chairman of Peng Cheng Group |
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