Chinese buyers flood NYC housing market

Only if you say it in Jive.

Let me post this "racist article from CNN".

"...But the episode underscores the challenges of doing business in China, an enormous, rapidly developing market in which bribes and corruption are often deeply ingrained."...

http://money.cnn.com/2013/07/16/news/china-bribery-gsk/index.html?iid=Lead

...as opposed to american unions and owners with their integrity, a model to all.

Again, I found nothing racist about your comments, but Im reiterating my earlier point, perspective is double sided.
In 20 years, China will score as high as the US on the global integrity meter, once their unions, politicians, businessmen, etc. develop our more sophisticated 3 card monty system.

I took a walk down 5th ave yesterday and guess what?!?!?

I saw a FLOOD of moola splashing towards me from foreign land like China, Russia, Israel, etc.
All that money simply POURING out of their butt holes and flooding the Manhattan housing market causing it to rise like poop on water.

Like hazardous waste is the newtown creek. Oops, my bad, a lot of that sinks.

bugelrex, does the article, or ANY article say that MOST of China's GDP or personal income consists of bribery and corruption? No.

No, the article tells of how an AMERICAN drug company couldn't find it's way to the local lobbyist and made direct payments instead.

And you can't blame them, with no big govt agency to protect the monopoly (FDA), they have to buy the business some way......

bugelrex: "We're talking about Chinese nationals purchasing in USA, and yes most of the money is from corruption."

Still looking for evidence that is the MAIN source of the Chinese economic miracle of the past 20 years.

If you wanted a corruption article, you couldn't have picked a poorer example.
Should have went with this one...
http://abcnews.go.com/International/story?id=82651&page=1

Still, the most corrupt actually stay in the country to keep collecting money,and not move to manhattan to buy condos.

I like this one better

'China's Madoff' Was Executed In Secret

http://www.businessinsider.com/chinas-madoff-was-executed-in-secret-2013-7

I like this one better

'China's Madoff' Was Executed In Secret

http://www.businessinsider.com/chinas-madoff-was-executed-in-secret-2013-7

Jason still doesn't get it.

jason10006,

My original statement said majority of NYC condos buyers from China (who are probably top 0.5% richest in China) gained the majority of their money from bribes and corruption because its so ingrained in China.
These 0.5% prob own factories which employ child labor and flaunt environmental rules.

I was referring to individuals, not the entire economy as a whole as you can see from my posts

Bugelrex, Jason doesn't get it. Jason is the typical retarded person from California, like all other retarded Californians, who conflates a subset with the whole as a rule. Jason's retard logic takes your argument and somehow tries to make the reader believe that all Chinese people are buying condos and RE in NY, when in fact anyone with any more than a California retard brain would know you are only talking about the top 0.5% who are buyers.

greenshole, why?

C0C0, do you get your asbestos from Russia?

idiot.

columbiacounty
3 minutes ago
Posts: 12150
Member since: Jan 2009
ignore this person
report abuse
idiot.

G00d, we can at least agree on Jason.

nope.

we agree on nothing.

you're an asshole. do you agree?

We can't even agree on Jason the Retard? This should be an easy one.

"Like hazardous waste is the newtown creek."

No, like the double whopper that rumbles out of your big fat ass and overflows your under-match toilet.

What? English please. You are showing the effects of living amongst huge amount of pollutants.

Btw, 5'9" and a size six doesn't seem like a fat ass to me, but you are of course entitled to your baseless opinion.

Oh come on now Aboutready, there must be some non-English spoken around you.

"The thing is, here's the thing. The thing is ALL of you are racist, biased bigots. That's the thing." Amen. No need for another word except, perhaps, morons. "Co-op Board President here......" The worst moron on the entire site. Figure it out, New York.

http://www.dailymail.co.uk/news/article-2402741/Parents-horror-Chinese-boy-6-eyes-GOUGED-OUT-kidnapped-organ-trafficker-stole-corneas.html

Parents' horror as Chinese boy, 6, has his eyes GOUGED OUT after being 'kidnapped by organ trafficker who stole both his corneas'
Youngster snatched while playing outside home in Linfen, Shanxi Province
Parents found him three hours later screaming in a field covered in blood
Kidnapper reportedly told boy: 'Don’t cry and I won’t gouge out your eyes'
Illicit trade fuelled because China has 300,000 on transplant waiting list
By DAILY MAIL REPORTER
PUBLISHED: 07:01 EST, 27 August 2013 | UPDATED: 10:27 EST, 27 August 2013

Chinese Builder Charges Into Brooklyn
COMMERCIAL REAL ESTATE
October 11, 2013

Developer Greenland Takes a Majority Stake in a High-Profile Atlantic Yards Apartment Project

http://online.wsj.com/article/SB10001424052702304520704579127822887005590.html

State-owned property developer Greenland Holdings Group of China agreed to buy a majority stake in a 15-tower apartment project in Brooklyn, N.Y., that would rank as the largest commercial-real-estate development in the U.S. ever to get major backing directly from a Chinese company.

Located in the Atlantic Yards site that includes the Barclays Center arena, the project is expected to cost nearly $4 billion, including debt. The deal could be announced as soon as Friday.

Terms of the tentative deal call for Greenland to buy a 70% stake from Forest City Ratner Cos., which began the project and would continue to manage the development. The purchase price isn't being disclosed, but Forest City has invested $500 million in the 22-acre project so far—and it has committed to additional spending on land and infrastructure set to total hundreds of millions of dollars.

In addition to the apartment towers, the project includes one office building and retail space. If the deal is approved, Shanghai-based Greenland would provide 70% of the money needed to finish the project, excluding any debt that is taken on for the construction.

The purchase won't affect the Barclays Center, which is jointly owned by Forest City and Russian billionaire Mikhail Prokhorov. Mr. Prokhorov also is majority owner of the Brooklyn Nets, a National Basketball Association team that plays its home games at the arena.

"I'm thrilled," MaryAnne Gilmartin, Forest City's chief executive, said in an interview Thursday. "We think we can learn from them and they can learn from us."

Zhang Yuliang, Greenland's chairman, said in an emailed statement that the company is "very excited" about the potential partnership. "Atlantic Yards is about more than Brooklyn and New York, as important as this development is for the city," he said. "It is about how we build sustainable, well-designed housing to meet the needs of diverse groups of people."

The deal, a "memorandum of understanding," was signed last week, Ms. Gilmartin said. But it isn't final, she said, because it needs extensive negotiations over details and approvals from Chinese regulators. It also may need to be reviewed by the Committee on Foreign Investment in the United States, which reviews proposed foreign purchases, according to Forest City.

The company, which has come under fire for the slow pace of apartment development at the site, decided earlier this year to hire real-estate-services firm CBRE Group Inc. CBG -0.18%to seek a partner. David LaRue, chief executive of Forest City Enterprises Inc., FCEA +5.45%the company's Cleveland-based parent, said during a September investor call that the company wasn't expecting to receive more than the cost of the land in any sale at Atlantic Yards.

The planned investment would be the latest high-profile investment in U.S. real estate by a Chinese company. Chinese investment in U.S. properties has reached $1.7 billion in 2013, including the recent purchase by billionaire Zhang Xin of a stake in the General Motors building in Manhattan. That is up from $1.1 billion in all of 2011 and just $22 million in 2008, according to property-data firm Real Capital Analytics Inc.

Chinese companies also are becoming developers in major construction projects throughout the country. China Vanke Co., 000002.SZ -1.27%the largest Chinese developer, is co-developing two condominium towers in San Francisco with Tishman Speyer Properties. Greenland in July announced its first U.S. investment: a $1 billion hotel and apartment project in downtown Los Angeles.

Beijing has encouraged Chinese companies to go abroad to help diversify the country's foreign-exchange reserves. Developers also view investing in the U.S. as a way of diversifying their portfolios, particularly at a time when concerns are rising of a slowing Chinese economy.

This year, China's appetite for property and development deals in the U.S. has been expanding. "It basically came from zero five years ago," Dan Fasulo, a managing director at Real Capital, said of Chinese property investment.

The increasing Chinese investment stands to help a number of U.S. projects move forward. In California, Signature Development Corp. said in April that it had partnered with the Chinese investment firm Zarsion Holdings Group to provide financing to a stalled $1.5 billion project along an estuary of San Francisco Bay that will include more than 3,000 residential units and a community park.

A Chinese infusion into the Brooklyn project also could help speed the development there. Forest City Ratner has struggled with delays and higher-than-expected costs since the project was conceived a decade ago.

While the Barclays Center opened last year, apartments at the site have been slower to rise, partly because they have been hard to finance. Finding affordable ways to build promised units for low- and middle-income families has been more difficult than the company expected, Forest City executives have said.

Due in part to the high costs and large amounts of cash needed from Forest City, construction has begun on only one tower. That has sparked criticism of Forest City for not fulfilling obligations it made when the Barclays Center was approved and the site was expected to be completed as early as 2013. The 350-unit tower under construction wouldn't be included in the sale to Greenland.

The deal with the Chinese firm, if completed, would give the project an additional source of capital, likely allowing for faster development. "It's just for us a great way to roll out the project and build it quickly," Ms. Gilmartin said.

This isn't the first time Forest City has found help abroad. In 2009, when the company was struggling to get the arena project financed, Forest City Ratner Chairman Bruce Ratner lured Mr. Prokhorov to buy a majority stake in the Nets and a minority stake in the arena, saving the project from potential collapse.

Greenland, a state-owned company, is building a 2,087-foot skyscraper in the city of Wuhan that would be 400 feet higher than China's current tallest tower, the Shanghai World Financial Center.

The developer also bought a large site in Sydney in March, where it plans the city's tallest apartment tower.

Write to Eliot Brown at eliot.brown@wsj.com

A version of this article appeared October 11, 2013, on page C1 in the U.S. edition of The Wall Street Journal, with the headline: China Builder Charges Into Brooklyn.

Chinese Company in Talks to Buy Jersey City Site
China Construction America Would Pay $68 Million for Site Overlooking Hudson River
NY REAL ESTATE COMMERCIAL
October 10, 2013, 2:23 p.m. ET.
http://online.wsj.com/article/SB10001424052702304066404579127600311044342.html

By DAWN WOTAPKA and ELIOT BROWN

Chinese construction company is in discussions to buy a prime Jersey City, N.J. development site that could support a 1,000-unit apartment complex overlooking the Hudson River, according to multiple executives with knowledge of the sale.

China Construction America Inc., the U.S. subsidiary of Chinese construction giant China State Construction Engineering Corp., has a tentative agreement to buy the site for $68 million, the executives said. A spokeswoman for China Construction said she couldn't comment on the deal because it hadn't closed.

The negotiations, which could still fall apart, are the latest sign that Chinese developers and investors are putting money into U.S. real estate projects. Chinese office developer Zhang Xin purchased a 20% stake in the GM Building earlier this year. Also, China Vanke Co., 000002.SZ -2.01%the country's largest residential developer, is building two condo towers in San Francisco with Tishman Speyer Properties Inc.

The seller of the Jersey City site, known as 99 Hudson Street, is Hartz Mountain Industries Inc., a developer that purchased it in 2011 for $35 million and had been planning to build apartments. Instead, the company wants to take advantage of rapidly rising land values in the New York area.

China State Construction Engineering, China's largest construction company by revenue, has been in the U.S. since the 1980s. But up until recently, it has been known mostly for infrastructure projects.

Over the years, it has won contracts for numerous mid-sized and some larger infrastructure projects in the northeastern U.S., including a new Metro-North commuter train station at Yankee Stadium and a $123 million renovation of the three-mile Pulaski Skyway bridge in New Jersey.

The company, which has an office in Jersey City, also recently entered into the office space business. It paid $71 million for a 320,000 square foot office building in Morris Township, N.J., where it plans to expand its offices as well as rent to other tenants.

The Jersey City site was once slated to be developed into office space for Merrill Lynch & Co., which bought the land in 1999. Secaucus, N.J.-based Hartz Mountain--one of the region's largest landlords with more than 200 retail, office, hotel and industrial properties--acquired the land from Bank of America Corp. in 2011 and was planning a 1,000-unit development.

A Jersey City official said he believes that China Construction will continue those plans if it closes on the deal because the city has a tight rental apartment market.

The area's vacancy rate was 3.5% in the third quarter, down 0.3 percentage points from the third quarter of 2012, below the national 4.2% rate, according to Reis Inc., a real-estate research firm. The average rent was $1,558 in the quarter, well above the national $1,073 average.

--Olivia Fuyao Geng contributed to this article

Write to Dawn Wotapka at dawn.wotapka@dowjones.com and Eliot Brown at eliot.brown@wsj.com

A version of this article appeared October 11, 2013, on page A17 in the U.S. edition of The Wall Street Journal, with the headline: Chinese Firm Closes In on Jersey City Site.

http://www.nydailynews.com/news/world/campaign-seeks-differentiate-sweden-switzerland-article-1.1505239