This case focuses on a USD $108.6 million mixed-use development project in Shanghai, China from the perspective of a U.S.-based private equity firm. The firm has been presented with an opportunity to coinvest in the project alongside a state-owned Chinese development entity and an international development firm active in the Asia- Pacific region. The case is centered around risk identification and analysis and provides students with an opportunity to explore all of the major risks that are encountered by developers and investors in both domestic and international real estate development projects. The protagonist of the case is Guy Fulton, a young real estate professional who has been tasked with weighing the various risks against the return projections for the project and who must devise a strategy with regard to proposed joint venture arrangements with the other project participants. In doing so, Guy must navigate a complex assortment of development issues and determine how his firm can proceed with the project while still satisfying the investment objectives and risk tolerances of the fund and its limited partners.