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Chinese Cash Fuels Big US Projects
Brief:The venture of Greenland Holding Group, Ping An Trust and other investors paid $US171 million ($226m) last month for the site that juts into San Francisco Bay.
For eight years, a pair of local developers gradually prepared a 42-acre (17ha) strip of waterfront land 16km south of downtown San Francisco for a major project, steering it through local land-use approvals.
 
Now, a group of major Chinese developers is poised to do the heavy lifting.
 
The venture of Greenland Holding Group, Ping An Trust and other investors paid $US171 million ($226m) last month for the site that juts into San Francisco Bay.
 
The new owners are planning a more than $US1 billion development aimed at biotechnology companies, an industry flourishing in the area. “We are pretty confident about the local market and particularly about the research-and-development market,” said Taotao Song, chief executive of the venture.
 
Over the past three years, Chinese investors have ploughed money into some of the highest-profile developments in the US. Other cities with projects under way or in the pipeline include New York, Boston, Chicago, Los Angeles and Miami.
 
The flow of cash from China into US commercial property is continuing unabated as companies seek to diversify outside of China at a time when confidence is fading in their local real estate markets, real-estate executives say.
 
President Xi Jinping’s anti-corruption campaign has also compelled Chinese investors to seek projects abroad as a way to hedge against a possible crackdown on their business at home.
 
Officials have blocked property sales and detained companies’ executives during invest­igations.

The Australian

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