CHINESE REAL ESTATE DEVELOPERS TURN TO USMay 8, 2013
Chinese property developers are looking for development opportunities in the U.S., following the fast-growing number of Chinese citizens buying property in the States.
China-based Xinyuan Real Estate wants to build a 216-unit upscale condominium building in Williamsburg, Brooklyn, on the site of a failed project, the Financial Times reports. The project would likely make Xinyuan the first listed Chinese company to build a major residential development in the U.S.
Chinese buyers are already a major part of the U.S. residential market. Buyers from mainland China and Hong Kong spent $9 billion in the U.S. from March 2011 to March 2012, making them the second-largest group of foreign investors for U.S. residential property, according to the National Association of Realtors.
With this in mind, Xinyuan is designing some of the units in its Williamsburg project with a Chinese wok kitchen to go along with the Western-style kitchen, the FT reports. It will also help with financing and immigration for potential Chinese buyers.