A Chinese investment company listed on the NYSE has launched the first of several planned multi-family developments in the United States, according to an article in the Wall Street Journal.
Xinyuan Real Estate Co. is constructing a 216-unit condo building in Brooklyn, in the Williamsburg section, its first U.S. residential development. The company is also scouting for other U.S. sites, and plans to sell 40% of the units to Chinese investors, the newspaper reported.
Two dozen Chinese real estate companies, both state-owned and private, are surveying the United States for potential properties, according to a real estate adviser interviewed by the Wall Street Journal. Most of them are interested in residential projects.