New | China’s biggest builder tests US market with its Manhattan project
Plans revealed for 170 residential units in the centre of one of island’s most-liked neighbourhoods: SoHo, the West Village and Tribeca
An offshoot of China’s largest construction and real estate conglomerate has launched its first foray into the up-market residential market of New York’s Manhattan island.
Strategic Capital, the investment arm of China Construction America, which already has a national portfolio worth in excess of US$1 billion, has announced a US$140 million equity investment in a residential development in the Hudson Square neighbourhood of Manhattan.
It will be working with two New York partners, Cape Advisors and Forum Absolute Capital Partners.
Both Chinese-owned operations’ ultimate parent is the state giant China State Construction & Engineering Company, considered the largest builder in the mainland.
The latest Manhattan project is being built by Plaza Construction, an affiliate of Strategic Capital, which expects to break ground and start building early next month, with the first sales slated for Spring 2018.
