San Francisco Chroncile staffer Kathleen Pender examines the growing number of developers and investors building and backing large residential projects in the Bay Area.
The newest investment came in late February from Landsea Holdings, the U.S. subsidiary of one of China’s largest home builders. It paid $186 million for a 24-acre Sunnyvale site entitled for 450 townhomes. John Ho, Landsea’s CEO, estimated that up to 30% of the townhomes will be purchased by people from China, writes Pender.
The only U.S. metro area attracting more Chinese development dollars between 2013 and 2015 was New York and its boroughs, according to Jim Costello, a senior vice president with Real Capital Analytics.