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Partners focus on China.

Raycom Real Estate Development Company, the real estate arm of Legend Holdings Ltd, t has entered into a strategic cooperation agreement with Warburg Pincus, the leading global private equity investor.

The two firms have agreed to co-operate on investment and development projects in the real estate sector in China. Such projects may include investing in commercial properties and residential developments.

Initially, Warburg Pincus will invest $31 million in the projects Raycom is currently developing. Additionally the two firms will jointly explore additional investment opportunities across China, spanning both first and second-tier cities.

Philip Mintz, a Warburg Pincus managing director, who leads the firm's real estate investment efforts in Asia said: "Warburg Pincus has a strong interest in the real estate market in China, and foresees strong growth in the segment. We are delighted to have partnered with Raycom, a leader in its field."

The aim of this strategic agreement is to build a model of cooperation between a leading Chinese developer and a top global foreign investor with a team of very experienced real estate investment professionals, a first in the market, and to make full use of each party's strengths.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Dec 28, 2005
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