Chinese nationals have been buying U.S. residential real estate at a fast clip for the last few years. Now they are building it, setting their sights on some of the priciest parcels of land in the hopes of attracting U.S. and Chinese buyers alike.
“The Chinese real estate market is very competitive, and the U.S. housing market is recovering and expanding rapidly, so for us as a company to invest a certain amount in the U.S. makes a lot of sense for us,” said Tian Ming, chairman of Landsea, a China-based developer, through an interpreter.
Landsea, which bills itself as China’s “pre-eminent green builder,” is investing $1 billion in the U.S. housing market, beginning with three new developments. It will build condominiums in the New York City market, townhomes in San Francisco and single-family homes in the Los Angeles area.
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Diana Olick, CNBC via CHINA US Focus http://ift.tt/1t5i2O2
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