China developers venture out in a big way
Regulatory curbs spur them to look to West, Down Under for opportunities
[LOS ANGELES] Property developers from China are committing billions of dollars to projects around the world, from apartment towers in Brooklyn, New York and a new business district in the UK to a residential redevelopment in Sydney and mixed-use buildings in downtown Los Angeles.
Regulatory restrictions at home and concerns that the Chinese property market is overheating are spurring companies to venture outside their country for the first time and look far afield for construction opportunities.
"Chinese companies are getting bigger, so they want to diversify beyond their home base," said Goodwin Gaw, co-founder and chairman of Hong Kong-based Gaw Capital Partners, which is raising as much as US$500 million for its first US-focused fund, to be used for real estate development and management. "They feel like it's their time."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further 1.7%, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%