Warburg Pincus, the United States private equity giant, launched an industrial real estate development project in Wuxi New District, Jiangsu province, on March 25, with a total investment exceeding $100 million, the Wuxi Daily reported.

Wang Quan, the mayor of Wuxi, had a meeting with Sun Dongping, the president of Dongjiu (Shanghai) Investment Management and Consultation Co, an investment platform of Warburg Pincus, which will serve as a direct investor for the project. The two discussed ways for mutual cooperation.

Since Warburg Pincus started to invest in the Chinese mainland over 20 years ago, it has cultivated a group of promising enterprises in the fields such as finance and the Internet technology, said Wang.

The industrial property project will help the city to attract more businesses and investment, which is in line with the requirements of industrial transformation, he added.

As an investment platform of Warburg Pincus for industrial property development, Dongjiu boasts rich experience in the field and will contribute to the development of the city.

Warburg Pincus, a global private equity firm, currently has more than $40 billion in assets under its management and invests in a range of sectors including medicine and financial services. After the project is completed, the business will focus on the high-tech and high value-added industries such as auto parts, precision manufacturing and mechanic processing.