The Carlyle Group Acquires a Significant Minority Stake in Anxin Apartment
Shanghai – Global investment firm The Carlyle Group (NASDAQ: CG) today announced that it has acquired a significant minority stake in Anxin Apartment, a leading affordable corporate housing operator in China. Equity for this transaction came from Carlyle Asia Growth Partners V and Carlyle Beijing Partners Fund II.
Founded in 2014, Shanghai-based Anxin Apartment provides employee housing solutions to corporates in the service sectors, focusing on first-tier and core second-tier cities in China. Anxin operates more than 160 apartment complexes across 24 cities in China, allowing approximately 2,000 corporate customers to provide accommodations to their employees.
Dennis Wang, Managing Director of Carlyle’s Asia Buyout advisory team, said, “Anxin Apartment is a fast-growing player in the affordable corporate housing segment in China. The increasing number of workers in the service sectors moving to first-tier and second-tier cities in China has generated strong demand for well-run affordable housing solutions in these cities. With an experienced management team, a proven business model and solid operational know-how, Anxin is well-placed for further growth in this market.”
Zao-xia Xu, CEO and Founder of Anxin Apartment, said, “Anxin Apartment has established a nationwide platform that provides safe, comfortable and well-managed housing solutions to corporate employees. We look forward to leveraging Carlyle’s industry expertise and network of portfolio companies to further expand our footprint, expedite our growth plans and enhance our customer relationship management system and branding.”
As one of the first and most active global private equity investors in China, Carlyle has invested more than US$9.5 billion of equity in over 100 transactions in China as of September 30, 2019. Its recent investments in the market include Luolai Lifestyle Technology, Du Xiaoman Financial, Ant Financial, Ambio, Adicon and JD Logistics.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of September 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.
About Anxin Apartment
Founded in 2014, Shanghai-based Anxin Apartment is a leading affordable corporate housing operator in China. The company operates three brands: Happy Apartment, Cozy Apartment, and Reading Hotel, providing employee housing solutions to approximately 2,000 corporates in the service sectors. Anxin has more than 160 apartment complexes across 24 cities in China.
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