By Tim Logan | Los Angeles Time
A Chinese homebuilder is poised to invest $1 billion into the U.S. housing market, starting with two developments in California and one in New York.
The venture, by Nanjing company Landsea Group, could signal the beginning of a wave of Chinese investments in single-family homes in the U.S., part of a larger influx of Chinese money.
From our research, Chinese customers in the U.S. don’t want to live in a 100% Chinese community. We think we’ll sell maybe 30% to Chinese buyers.
– John Ho, managing director of the Landsea’s U.S. subsidiary
Landsea — which builds about 12,000 houses a year in mainland China and also develops in Hong Kong and Germany — comes to the U.S. amid signs that the red-hot market at home is cooling off. Building costs in China have soared in recent years, and lately prices have started to fall in many cities.
