Henan-based home developer Xinyuan Real Estate (XIN.NYSE) will begin its first US property project at a site it acquired earlier this year for US$54.2 million in New York’s Brooklyn district, The Wall Street Journal reported. It plans to build a 216-unit condominium building on an investment of about US$200 million. The company will mainly develop three-bedroom units to target Chinese investors who are looking for upscale buildings. Total sales were expected to hit between US$250-350 million. Among the two dozen other state-owned and private Chinese real estate developers seeking US projects, most are interested in residential developments, said Omer Ozden, an adviser to Xinyuan and a partner at Beijing municipal government’s private equity arm Beijing Capital. Lennar Copr (LEN.NYSE), for example, is seeking approximately US$1.7 billion in loans from China Development Bank to develop two former naval bases in San Francisco into huge housing projects.
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