Chinese fund sues R.I. investment group for $4.8 million

A Chinese government investment fund is suing Rhode Island investment group Long Wharf Andover LP for allegedly failing to reimburse the fund’s contribution toward a real estate project after it fell through, the Boston Business Journal reported Thursday. More

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Chinese fund sues R.I. investment group for $4.8 million

Posted 2/7/14

SOUTH KINGSTOWN – A Chinese government investment fund is suing Rhode Island investment group Long Wharf Andover LP for allegedly failing to reimburse the fund’s contribution toward a real estate project after it fell through, the Boston Business Journal reported Thursday.

Seeking $4.8 million in damages, Xian City Xinxing Investment Management Ltd. claims the $12.5 million housing development project underway in Florida – toward which Xian City had contributed $300,000 – ground to a halt because Long Wharf failed to acquire the land for the project.

In its complaint, Xian City blamed the collapse of the project on an alleged “open and intractable feud” between the principals of Wakefield-based Long Wharf, formerly known as Lincoln Newport Partners LP.

Christopher Arruda, one of the principals, did not respond to a request from the Boston Business Journal for comment.

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