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Vanke's 1st venture into US property
Source: Bloomberg News |
February 19, 2013, Tuesday
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Print Edition
Print Edition
CHINA Vanke Co, the biggest developer listed on Chinese mainland exchanges, has entered a property venture in San Francisco, its first foray into the US real estate market.
The company signed the deal on February 12, Chairman Wang Shi wrote on his Twitter-like Weibo, and confirmed by Vanke, without giving any details.
Vanke bought 70 percent of 201 Folsom Street, a mainly high-end residential project owned by Tishman Speyer Properties LP, Jinsong Du, a Hong Kong-based property analyst at Credit Suisse Group AG, has said in a note to clients, citing information from Vanke. The development will comprise about 669 residential units, according to Credit Suisse. Neither of the two developers has made announcements on the project.
Chinese developers are starting to venture overseas, chasing wealthy locals who are buying apartments as the government restrains the property market at home. Xinyuan Real Estate Co in September took control of a lot slated for more than 200 units of housing near New York's Brooklyn waterfront for US$54.2 million, a deal the Beijing-based company said was the first of its kind by a Chinese firm in the US.
The San Francisco deal is Vanke's first outside Asia and comes after the company's Hong Kong unit jointly won a HK$3.43 billion (US$442 million) bid for a site in the city, marking its entry into a new market. The San Francisco project will target Chinese mainland buyers, according to Credit Suisse, which cited Vanke management.
The Shenzhen-based developer set up international units to grow overseas after it bought a Hong Kong firm in May.
The developer's shares fell 2.7 percent 11.70 yuan (US$1.87) at the close of trading in Shenzhen yesterday, the lowest in three weeks.
The company signed the deal on February 12, Chairman Wang Shi wrote on his Twitter-like Weibo, and confirmed by Vanke, without giving any details.
Vanke bought 70 percent of 201 Folsom Street, a mainly high-end residential project owned by Tishman Speyer Properties LP, Jinsong Du, a Hong Kong-based property analyst at Credit Suisse Group AG, has said in a note to clients, citing information from Vanke. The development will comprise about 669 residential units, according to Credit Suisse. Neither of the two developers has made announcements on the project.
Chinese developers are starting to venture overseas, chasing wealthy locals who are buying apartments as the government restrains the property market at home. Xinyuan Real Estate Co in September took control of a lot slated for more than 200 units of housing near New York's Brooklyn waterfront for US$54.2 million, a deal the Beijing-based company said was the first of its kind by a Chinese firm in the US.
The San Francisco deal is Vanke's first outside Asia and comes after the company's Hong Kong unit jointly won a HK$3.43 billion (US$442 million) bid for a site in the city, marking its entry into a new market. The San Francisco project will target Chinese mainland buyers, according to Credit Suisse, which cited Vanke management.
The Shenzhen-based developer set up international units to grow overseas after it bought a Hong Kong firm in May.
The developer's shares fell 2.7 percent 11.70 yuan (US$1.87) at the close of trading in Shenzhen yesterday, the lowest in three weeks.
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