The views will be spectacular through the glass walls of the LUMINA towers, the new luxury residential development now rising in San Francisco’s pricey Rincon Hill bayfront neighborhood. The 655-unit high-rise project designed by award-winning architect Bernardo Fort-Brescia of Arquitectonica is a joint venture of New York-based Tishman Speyer, which builds, owns, and manages prestige properties worldwide, and China Vanke, the largest residential property developer in the People’s Republic of China.
China Vanke is taking a 70-percent stake in the $620 million project, its first venture into the American real estate market. Across the country on the East Coast, Chinese companies are also jumping in in a big way. China Daily reported June 27 on deals being completed in New York City, as the ground was being broken for LUMINA in the City by the Bay:
In early June, Zhang Xin, Soho China CEO, the biggest private property company in Beijing, joined a group of investors to pay $1 billion for 40 percent of stakes in GM Building in New York. Five months ago, Beijing Vantone Real Estate Co Ltd, another major developer in China, signed an agreement with 7 World Trade Center in downtown Manhattan to rent 200,000 square feet for a China Center.
China Vanke’s president, Yu Liang, told the Wall Street Journal his company is also looking at investing on the East Coast, most likely Boston, which has a large Chinese community. In September 2012, Beijing-based Xinyuan Real Estate Co. Ltd. purchased a parcel of land in the Williamsburg section of Brooklyn for $54.2 million. Xinyuan plans to build a luxury condo complex, with units for sale in the $4 million price range.
Grand China Fund has major multi-million-dollar residential projects going in Houston and Atlanta. Gaw Capital Partners is putting together $500 million for U.S. real estate purchases, reportedly with an eye to properties in Portland, Oregon, and Austin, Texas.
Greenland Holding Group is investing $1 billion in a mixed commercial-residential project in downtown Los Angeles.
In June, Wang Jianlin, chairman of China’s largest commercial real estate developer, the Beijing-based Wanda Group, announced plans to invest around $1 billion to build a five-star hotel and luxury apartment complex in New York. That followed closely on the heels of his announcement that Wanda Group was shelling out $1.56 billion to buy Sunseeker, Britain’s largest luxury yacht maker, and build a luxury hotel-apartment project in London.
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