Chinese investors are clamoring to finance some of the biggest commercial developments in the United States.

 

China-based investors pumped $5 billion into commercial purchases in the U.S. in the first half of 2016, a 19 percent year-over-year jump, news reported. That number doesn’t include unfinished deals. So far this year, investors have $12.9 billion worth of deals under contract or completed, nearly reaching the $14 billion spent in 2015.

 

The money has flowed into real estate in major cities, including San Francisco, New York, Miami, Boston, Chicago and Los Angeles. Investors are primarily focused on new projects, but have also been buying into existing buildings. For example, China Life Insurance earlier this year bought a partial stake in 1285 Sixth Avenue.

 

Earlier this month, an US property developer brought on Shanghai Municipal Investment as a new capital partner for its Central Park Tower at 217 West 57th Street. The residential tower is expected to rise 1,550 feet and cost $2.98 billion.

 

Last week, Chinese financial services firm China Orient Asset Management Corp. paid $143 million to buy a majority stake in four Flatiron office buildings controlled by the Kaufman Organization. The buildings span a collective 341,000 square feet.

 

The Greenland Group, the biggest Chinese developer in the U.S., owns a 70 percent stake in Pacific Park in Brooklyn. The company also bought a 41 percent stake in the Park Lane Hotel on Central Park South in April. As part of a joint venture, Greenland bought a 42-acre site along San Francisco’s waterfront where the team plans to build a $1 billion commercial development aimed at biotechnology companies.

Please contact us in case of Copyright Infringement of the photo sourced from the internet, we will remove it within 24 hours.