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August 1st, 2016

China Moves to U.S. Projects

 

China Moves to U.S. Projects

Investors Taking on Distressed Properties in Cities Such as Detroit

 

10.28.13 WSJ – China Moves to US Projects (PDF)

By MATTHEW DOLAN and

 

 

 

Anunlikelyparticipantincreasinglyisshowingupinthebiddingfordistressedofficebuildings, hotelsandotheroverleveragedcommercialpropertiesleftoverfromtheboomyears:Chineseinvestors.


 

 

Chinese propertyinvestorsare flocking abroadforbetteryields.TheWSJ’sWeiGuspeakswithMichaelKlibaner,greaterChina headofresearchforJonesLang LaSalle,abouthowhighreal-estatepricesathomearepushingChinesetodiversifyoverseas.


WhileChinahasmadeheadlinesrecentlyfor landingtrophypropertiesin ManhattanandfordevelopingnewprojectsinCalifornia,Chineseinvestors alsohavebeenpursuingpropertiesthat areindefaultonloans,sufferinghighvacancyratesor


 

 

 

 

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facingotherturnaroundchallenges.

 

Thedeals areasignthatsomeChineseinvestorsarewillingtotakemoreriskthanmostseasonedforeignreal-estatecompaniesandevenmanyU.S.investors.Experts saythis reflects their willingness toholdrealestateforyearsuntilvaluesrebound.

 

Inthemostrecentdeal,Dongdu


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International, knownasDDI, earlier this                                                                                                           


 

 

 

 

 

 

 

 

 

 

DongduInternationalboughttheDavidStottbuildinginDetroit.DetroitFree Press/AssociatedPress


monthpaidatotalof$13.6millionfortwoofDetroit’s better-knownbuildings,includingtheformerhomeoftheDetroitFreePress.DDIis planningtoconverttheemptyFreePress buildingintoapartments andkeeptheDavidStottbuilding,whichislessthan25%occupied,asanofficebuilding.

 

ChineseinvestorsalsohavepurchasedNewYork’s CassaHotel,whoseowners


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wereseekingbankruptcyprotectionfortheproperty,andalargelyvacantofficeparkin                                                                                                                


SiliconValleythatoncewas theheadquarters ofBorlandSoftwareCorp.Fourofthe15largestU.S.propertyinvestmentsbytheChineseinthepasttwoyears “resolvedatroubledsituation,”accordingtoRealCapitalAnalytics Inc.,adataandresearchfirm.

 

ThediscountedpricesondistressedU.S.realestateoffers“aonceinalifetimeopportunity,”saysZhangMingeng, chairmanofGrandChinaFund,whichmanagesyuan-denominatedfundsinvesting$4billioninChineserealestateanda$60milliondollar-denominatedfundinvestingintheU.S.

 

OverallChineseinvestmentinU.S.propertyhas risensharplythisyear asBeijinghas



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