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Fishing for a bargain Stateside

Twelve major Chinese developers were flying to the United States last night on a fact-finding trip to assess multi-billion dollar investment opportunities in real estate.

Among those going are representatives of big-hitters Fudi Group, Sunshine 100 Real Estate Co Ltd, Glory City Real Estate Co Ltd, and RoadKing Group.

They are expected to be involved deals with American partners, according to sources within the delegation, which has been organized by the director of China Real Estate Chamber of Commerce (CRECC), Nie Meisheng. CRECC is an affiliated member of All-China Federation of Industry and Commerce.

"Previously, property investors from China went 'bottom fishing' on a small scale in the US. This delegation will be directly involved in large realty projects including office buildings, hotels, shopping malls and other large commercial properties in conjunction with Hillwood Group," said the sources, who asked not to be identified.

Hillwood Group is one of the largest developers in the US. It works in a variety of areas, including commercial, industrial, residential and entertainment projects. It is owned by Henry Ross Perot, a US independent presidential candidate in the 1992 and 1996 elections.

Prospects on the potential shopping list include a residential community valued at $2.2 billion in Los Angeles, Treasure Land in San Franciso, Alliance Industrial Free Trade Park in Texas and hotel and commercial projects in Times Square, New York.

Sources said members of the delegation were keen to assess whether the property market in the US had hit rock bottom, what investment returns were likely and what future opportunities existed. The feeling among them was that 2011 would be the best time to invest.

The delegation will meet governors from Texas, New York State and California, where former actor Arnold Schwarzenegger holds office.

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 Source : China Daily  Editor: Ivy
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