Sunsea Parking raises $227m funding

Sunsea Parking Industry Group Inc said on Tuesday that it has raised 1.5 billion yuan ($227 million) in financing to further expand its services in China and gain an edge in China’s emerging car parking industry.

The current round of funding was led by US-based investment company Warburg Pincus. Other backer include Red Star Macalline Group, a leading domestic company for household items and a portfolio company of Warburg Pincus. Red Star Macalline said it will consider granting the operational rights for its parking lots in its over 200 furniture and shopping malls to Sunsea Parking in the future.

Sunsea Parking said it would spend at least 1 billion yuan to set up more parking lots within the next 12 months.

“Parking assets will become the next most attractive real estate asset class because it generates steady cash revenue with potential of further financing options such as real estate investment trusts,” said Yan Liang, chairman of Sunsea Parking.