夏威夷房地产 – Shanghai developer to build big in LA

After unveiling its $2 billion investment plan in London last month, Shanghai-based Greenland Group announced new details of its $1 billion Metropolis Los Angeles project on Feb 14.

The proposed Metropolis Los Angeles project is expected to be one of the largest mixed-use developments on the West Coast and to reshape the Downtown Los Angeles urban landscape. Metropolis is the Greenland Group’s first investment in the US.

Phase one of Metropolis is expected to include the development of a four-star luxury hotel and a residential tower with units ranging from studios to two bedrooms. The hotel will have 19 floors with 350 rooms, and the residential tower will be 38 stories high. Construction is slated to start early this year and be completed by mid 2016.

“Founded in Shanghai 22 years ago, Greenland Group has since expanded to more than 80 cities across China and is known as a leading developer of high-quality, high-rise residential and commercial buildings and urban complexes,” said Zhang Yuliang, chairman and president of Greenland Group.

“International expansion — particularly in the US market — is a strategic priority for us,” Zhang added. “We are making significant investments in the US and as one of the iconic cities of the world, Los Angeles is an important place for us to be.”

“We are excited to welcome the Greenland Group to Los Angeles,” said Mayor Eric Garcetti. “This billion dollar investment will not only bolster Downtown Los Angeles’ economy by creating hundreds of jobs and generating on-going tax revenue, but it will bring the kind of world-class amenities that will enhance the appeal of our city center nationally and internationally.”

Los Angeles Councilmember Jose Huizar said, “The revitalization and economic resurgence of Downtown Los Angeles over the last decade has really put it on the map as a dynamic urban center — the kind that every great city should have. The message is clear, Downtown LA is open for business and that is attracting prestigious international companies, such as Greenland Group, to make a long-term financial commitment in Downtown LA and be a part of this momentum. We welcome Greenland Group’s investment and look forward to this project’s contribution to the success of Downtown for years to come.”

For phase one of the development, Tishman Construction is providing program and construction management services. Gensler, a leading design firm, will serve as the architect. Turner Construction will be the general contractor and SPAN Architecture will be the interior designer. Rider Levett Bucknall will provide surveying services.

Located on Francisco Street between 8th and 9th Streets, the property is the largest undeveloped site in Downtown LA’s central business district and is situated near popular arts and entertainment, retail and dining establishments such as LA LIVE, FIGat7th, Bunker Hill, the Walt Disney Concert Hall, the Museum of Contemporary Art and the soon-to-be-opened Broad Museum.

Downtown Los Angeles has experienced an unprecedented renaissance in the last 15 years and is considered to be the place to live, work and play. It is home to a growing residential population of more than 53,000 who are seeking an active, urban lifestyle and more than half a million office workers.

“We believe Los Angeles’ location as a gateway between Asia and North America is ideal in attracting an international clientele who are seeking investment opportunities and an exciting lifestyle near arts and entertainment, sports and fine dining,” said Zhang.

“Greenland Group has strong confidence in the market demand for this project,” Zhang added. “Los Angeles is the second largest city in the United States with the largest seaport and industrial center on the West Coast. It has a stable economy and a large population base with one of the largest concentrations of international immigrants.”

In 2013, Greenland Group was ranked 359th on the Fortune Global 500, 55th among the Top 500 Chinese companies and number one among Chinese real estate enterprises. The company has built or is currently building 23 skyscrapers, with four of its buildings ranked among the 10 tallest in the world.

Chinese Steer Billions Abroad in Quest for Safety

By Nadja Brandt, Oshrat Carmiel & Dan Levy – Nov 19, 2013 8:01 AM GMT-1000

Victor J. Blue/Bloomberg
The lot at 421 Kent Ave. in the Brooklyn borough of New York. Xinyuan Real Estate Co.’s acquisition of a two-acre parcel near Brooklyn, New York’s Williamsburg waterfront may be the first time a Chinese company took control of a U.S. residential development site of more than a few units, according to 12 years of data from Real Capital Analytics Inc.

More than a dozen Chinese developers gathered for breakfast at a Los Angeles hotel one Sunday earlier this month before taking off for meetings with property brokers, attorneys and potential business partners.

The visitors, none of whom have invested in U.S. real estate development before, would then catch an evening flight to San Jose, California, and meet with more property executives there and in nearby San Francisco. In all, they would stop in six cities over 14 days, including New York and Washington.

“We like the stable and mature investment market in the U.S. relative to the Chinese market,” Jianrong Qian, chairman of Shanghai-based Chiway Holding Group Co., said through an interpreter before heading off to eat with the rest of his group at the InterContinental hotel in Century City. “We were encouraged by the pace of the recovery here in the U.S. after the financial crisis. It shows the resilience of this market.”

Developers from China are committing billions of dollars to projects around the world, from apartment towers in Brooklyn, New York, and a new business district in the U.K. to a residential redevelopment in Sydney and mixed-use buildings in downtown Los Angeles. Regulatory restrictions at home and concerns that the Chinese property market is overheating are spurring companies to venture outside their country for the first time and look far afield for construction opportunities.

“Chinese companies are getting bigger, so they want to diversify beyond their home base,” said Goodwin Gaw, co-founder and chairman of Hong Kong-based Gaw Capital Partners, which is raising as much as $500 million for its first U.S.-focused fund, to be used for real estate development and management. “They feel like it’s their time.”

Relative Stability

Major U.S. cities and parts of Europe and Australia are appealing to developers for their relative stability and predictable population growth, as well as their popularity among wealthy Chinese individual buyers that may be attracted to the properties. The safety offered is enough of a draw that the companies are tackling cultural differences and unfamiliar approval processes, and at times accepting lower returns.

In the U.S., the six biggest metropolitan areas have attracted $2.88 billion in commercial real estate investment by Chinese companies this year, up from $321 million in all of 2012, according to New York-based research firm Real Capital Analytics Inc. The data include both completed and pending transactions. Manhattan and other New York City boroughs were the two biggest areas for deals, with Los Angeles third.

Lower Return

The Chinese are adding to a wave of investment in top markets by buyers including sovereign wealth funds, real estate investment trusts and private-equity firms. In the six major U.S. metro areas, commercial-property prices reached a five-year high in August, the latest month for which figures are available, and are up 6.2 percent this year, according to Moody’s Investors Service and Real Capital Analytics.