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China developers look abroad—for Chinese buyers
By Juwai, 27 March 2013
Chinese property deals abroad rose to US$1.86 billion in 2012 compared to the $547 million from 2011 and $90 million in 2010.
Chinese property developers such as Greenland Group and China Vanke are looking abroad to diversify their investments as well as to respond to the rising demand from Chinese migrants and investors, especially amid cooling measures back home.
Greenland Group, which already has partnerships with hotels in Spain and Germany, recently purchased a site in downtown Sydney with the intention of developing a residential and hotel building that will appeal to Chinese customers. It is reportedly considering investing in the US West Coast as well because it is "interested in places where there are many Chinese people".
China Vanke, one of the worlds largests home developers, is also investing in the West Coast through a joint-venture luxury condo project in San Francisco, partnering with Tishman Speyer.
Read more on WSJ.com.
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