Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2022 Event Calendar
    • APAC Residential Forum 2022
    • Asia Logistics Forum 2022
    • Asia REIT Forum 2022
    • APAC Data Centre Forum 2022
    • Singapore Focus Forum 2022
    • Office Strategies Forum 2022
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

US Real Estate Projects With Chinese Characteristics

2013/03/17 by Michael Cole 1 Comment

Chinese investors move into Vegas and SFFor investors tracking the trajectory of China’s outbound investment, one of the trends made apparent by recent events is the potential for wooing Chinese investors by building and marketing projects specifically to match Chinese buying habits. Projects such as Vanke’s planned $620 million residential project in San Francisco and a new Malaysian casino planned for Las Vegas are clearly planned to allow Chinese consumers to spend their money on brands and products that they are familiar with from their home market.

Vanke Making US Housing for Chinese Customers

In one of the highest profile examples of outbound investment by a Chinese real estate developer, Vanke Group, China’s largest real estate developer, announced on February 18th, that it would be making its first investment in the North American market. The project to develop a site on San Francisco’s Folsom Street will, when completed, market luxury condominiums to buyers, many of whom will likely come from Vanke’s customer base in China.

According to inside sources cited by Reuters, Vanke will hold a 70 percent stake in the joint venture project with US developer Tishman Speyer holding the other 30 percent.

Speaking about this overseas expansion by Vanke, Jingsong Du, a Hong Kong-based property analyst with Credit Suisse was quoted as saying, “They will go anywhere mainland Chinese want to go. Their target customer is mainland Chinese who want to migrate overseas, or have a home outside of the country.”

Moves similar to Vanke’s have recently been made by Greenland Group, which bought rights to a major residential project in Sydney last week, and Xinyuan Real Estate, which bought a Brooklyn residential site last year.

However, residential housing investment is not the only Chinese taste that US-based projects are hoping to indulge.

A Chinese Casino Comes to America’s Gambling Mecca

While real estate is a primary passion for wealthy Chinese, it may still come second to gambling.

Hoping to take advantage of this passion for cards, mahjong and other games of chance, the Malaysian gambling company Genting Group announced this month that it had agreed to purchase a partially developed Las Vegas site from its existing owner for US$350 million.

According to the Wall Street Journal, “Eyeing the growing influx of Chinese and other Asian tourists to Las Vegas, Genting plans to start construction on a new multibillion-dollar casino complex called Resorts World there next year.”

Genting paid $350 million for the property and will spend as much as $7 billion building on it, according to In a statement to the press, Genting Senior Vice President of Development Christian Goode said that the company is expecting to spend as much as US$7 billion on the project before it is completed. The company has a similarly themed resorts on Singapore’s Sentosa Island, one of just two casinos in Singapore. Genting, which already has achieved considerable success serving Chinese clients in Singapore envisions red-and-gold pagodas and a panda exhibit on the 87 acre site.

The project, which is due to open in 2016 is seen as a new gambling playground for rich Chinese to enjoy spending their money away from the watchful eyes of the government in their home country.

The property that Genting bought had been abandoned since 2008, and the deal is the biggest new investment on the Las Vegas Strip since then. According to a statement from US-based ratings agency Fitch, “We believe the property will target high-end Asian customers, which has been the principal catalyst for gaming revenue growth on the Strip since 2010.”

If the Chinese are coming to the US to spend their money, then the Asian companies accustomed to serving this client base are determined to make that same migration.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Outbound Investment Tagged With: China Vanke, Genting Group, Outbound investment, Real estate development, Resorts World Sentosa, San Francisco

Mingtiandi Membership 780x439 v2

Trackbacks

  1. Portugal Takes on St Kitts as the Next Chinese Immigration Destination | Mingtiandi says:
    2013/04/21 at 9:07 pm

    […] the US has been successful in attracting Vanke’s Wang Shi and is still the most frequent target for Chinese students, some investor-immigrants have been […]

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

mtd tv dc forum north asia panel thumbnail
Hyperscalers Shaping Data Centre Demand in North Asia: MTD TV
bdx spotlight interview mtd tv thumbnail
BDx Boss Focuses on Service, Not Buzz, to Build Asia Data Centre Network: MTD TV

More MTD TV Videos>>

People in the News

jesline goh UOL
Jesline Goh Resigns as CIO of Singapore’s UOL as Developer Promotes Hotel Chief
Lee Hoon KIc
Asia Real Estate People in the News 2022-08-15
daigo Hirai BlackRock
Asia Real Estate People in the News 2022-08-08
Bryan Southergill
Ares Hires Bryan Southergill to Run Asia Real Estate Business

More Industry Professionals>>

People in the News

Jesline Goh Resigns as CIO of Singapore’s UOL as Developer Promotes Hotel Chief

jesline goh UOL

Jesline Goh is stepping down as chief investment and asset officer of Singaporean developer UOL Group after nearly five … Read More>>

Asia Real Estate People in the News 2022-08-15

Lee Hoon KIc

Senior personnel changes in Korea, Hong Kong and Singapore lead Mingtiandi’s roundup of HR moves from around the region … Read More>>

Asia Real Estate People in the News 2022-08-08

daigo Hirai BlackRock

BlackRock’s appointment of a new head of Japan real estate leads this week’s roundup of personnel moves from around the … Read More>>

Ares Hires Bryan Southergill to Run Asia Real Estate Business

Bryan Southergill

After more than eight years leading real estate investments for KKR in Asia, Bryan Southergill has taken on a new role … Read More>>

More Industry Professionals>>

Latest Stories

Tom Ko C&W
$409M Project Sale in Hong Kong’s Causeway Bay Linked to Shenzhen Developer
CICC Huang Zhaohui
CICC Expands into Kowloon’s ICC as Hong Kong Banking Evolves
Singapore Private Home Sales to Slide After July Surge as Supply Dwindles

Sponsored Features

Douglas Wu Fairland Holdings
How a Hong Kong Mall Repositioning Boosted Revenue by Focusing on Community
For Hong Kong’s Office Market, Border Reopening Holds Key to Unlocking Demand
Top 3 Trends Driving a Connected Experience in Commercial Real Estate

More Sponsored Features>>

MTD-QR-Code-320

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2022 China Advertising Media Ltd (Samoa). All rights reserved.