Kuafu’s Shang Dai (centre) trades views with Greenland’s I-Fei Chang and Elliott Spitzer
Some of the biggest Chinese investors in New York real estate were in Shanghai on September 11th and 12th, including top level US managers for Greenland Group, Kuafu Properties, and Xinyuan Real Estate.
Mingtiandi took the opportunity to meet with these leaders and a host of US developers and agents as part of the US Real Estate Showcase & Forum in Shanghai, organised by New York real estate publication The Real Deal.
Top Developers Tout Opportunities for Chinese Buyers in NYC Market
During the event, Greenland USA’s CEO I-Fei Chang joined Kuafu Properties chief exectuive Shang Dai and Xinyuan Real Estate’s John Liang in a panel discussion on the prospects for Chinese investors in the US market.
Joining the three Chinese property leaders in the Friday session were former New York governor Elliott Spitzer, whose Spitzer Enterprises is a major developer in New York, as well as developer Steve Witkoff, and former Shanghai resident Stan Gale Jr of developer Gale International.
Mingtiandi’s Michael Cole led another panel on Friday, looking at potential changes in the EB-5 investor visa program, which is up for renewal this month. The participants in the EB-5 panel included former Florida congressman Ron Klein, currently a partner with law firm Holland & Knight; Nicholas Mastroianni II, of EB-5 finance organisation the US Immigration Fund; Kate Kalmykov, of law firm Greenberg Traurig; Clem Turner, an attorney with Homeier & Law; and Vivian Ding, of investment and immigration brokerage GDOS.
Billion Dollar Developers Discuss Importance of Chinese Capital
Together the participants in Friday’s sessions represent several billions of dollars in Chinese investment into the US real estate market.
Greenland owns a majority stake in the Pacific Park megaproject in Brooklyn’s Hudson Yards and Xinyuan was among the first publicly-listed Chinese developers to take on a project in the US.
Among the US developers, Witkoff has raised over $700 million in EB-5 funds, and received a $229 million investment from Taiping Asset Management for its 111 South Murray Street project. Kuafu, which was founded in New York, has now purchased four development sites in the city in just 18 months.
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