Major Chinese developers are preparing to develop a 42-acre strip of land in South San Francisco’s flourishing tech market.
The JV between Chinese firms Greenland Holding Group, Ping An Trust and some additional investors forked over $171M for the site last month, and are planning a more than $1B development in hopes of attracting biotechnology companies.
This is but one example of Chinese investors pouring money into some of the highest-profile developments in the US within the past three years, the Wall Street Journal reports.
Projects in New York, Boston, Chicago and Los Angeles are also in the works as cash from China to US real estate continues to flow, and companies look to diversify portfolios outside of China. Chinese investments in US real estate hit $12.9B so far this year, practically matching last year's $14B total in investments. [WSJ]
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