China’s biggest property developer has made its first foray
into the US with a deal for a high-end residential complex
in San Francisco.
China Vanke, the leading Chinese developer by sales, will invest in a project launched by Tishman Speyer Properties.
中国销售额最高的房地产开发商万科集团(China Vanke)将投资于铁狮门地产公司(Tishman Speyer Properties)发起的一个项目。
The size of the investment was not disclosed
but it was small enough that Vanke announced it on its chairman’s microblog rather than via a stock exchange filing.
But the significance
of the deal is potentially greater as one of the first steps by a big Chinese developer to build homes in the US. With Beijing placing caps on home purchases in big cities and many smaller cities suffering from overbuilding, Chinese developers are scouring
“There is no point telling Chinese companies to mind their own domestic business. A good enterprise in the 21st century must be armed with a global vision.” Wang Shi, Vanke chairman, wrote on Weibo, a Chinese microblog site.“
Mr Wang had previously said that Vanke, which has a market value of nearly Rmb130bn ($21bn), wanted to enter foreign countries, especially those with large communities of Chinese who are familiar with its reputation.
Vanke’s entry into the US follows that of Xinyuan Real Estate, which paid $54m last year for a plot in New York that is zoned for 200 housing units.
万科进军美国之前，去年鑫苑置业(Xinyuan Real Estate)斥资5400万美元，买下纽约一个规划建造200个住宅单元的地块。
China Development Bank, a government-controlled lender, also entered the US housing market last year when it provided a $1.7bn loan to Lennar Corp, one of the biggest homebuilders in the US, for two developments in San Francisco.
国有控股的中国国家开发银行(China Development Bank)去年也进入美国市场，向美国最大住宅建筑商之一莱纳公司(Lennar Corp)提供了一笔17亿美元的贷款，用于旧金山的两个开发项目。
Vanke will take a 70 per cent stake in the San Francisco project, which is known as 201 Folsom Street, with Tishman Speyer retaining the rest, according to Du Jinsong, a Credit Suisse analyst
据瑞信(Credit Suisse)分析师杜劲松透露，万科将在名为“富升街201”(201 Folsom Street)的旧金山项目中持有70%股份，铁狮门将保留其余股份。
Vanke still requires Chinese government approval to move its money abroad for the deal.
“It is still too early to gauge the ultimate impact of Vanke’s international expansion,” Mr Du said. “Nevertheless, given the structural
issues of China’s property sector, we view this as a useful experiment by Vanke to find potential long-term growth drivers.”
Vanke also announced plans last month to shift part of its stock listing from mainland China to Hong Kong.
Along with bringing it a higher valuation
, the move will make it easier for Vanke to raise financing for foreign acquisitions