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Chinese Developer Beefs Up US Portfolio With NYC Deal

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Chinese Developer Beefs Up US Portfolio With NYC Deal

As part of a $1B investing tear, China’s largest residential developer, China Vanke, has snagged a NYC development site for $116M—a sign that China’s US property investment won’t be curbed by the country's economic turbulence.

The firm plans to convert the site’s grammar school into luxury condos, as part of a JV with Slate Property Group and Adam America Estate.

China Vanke throws a lot of funds into the gateway cities of NYC and S.F., along with other major Chinese players like Greenland Holdings and Bosun International, the Wall Street Journal reports.

These Chinese firms, rather than being deterred by domestic worries, may even ramp up their US investment in hopes of a safe place to store their money. [WSJ]