Lennar Corporation is one of the first three American real estate development firms to benefit from a $1 billion investment by the Chinese goliath Landsea in new housing projects in the United States. It will partner with Landsea in a condominium development in Weehawken, New Jersey, just across the river from Manhattan.
So now Americans know what the Chinese are doing with all of the dollars that they have amassed over the past twenty years, other than buying their debt. Ironically, until the late 90’s the U.S. was worried about a different Asian powerhouse, Japan, buying up all of its real estate.
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The two firms plan to construct two hundred condominium units there which they say will have spectacular views of the Manhattan skyline. Landsea owns the land where the development will be located and Lennar, a Fortune 500 corporation, will design and build it. Lennar built another project right nearby the new one.
Founded sixty years ago as F&R Builders by Leonard Miller, who later partnered with Arnold Rosen, it took the name Lennar, an acronym for Leonard and Arnold in 1971.
“We have enjoyed our association with Landsea and expect to see great things from them as they continue their journey in the U.S., ” said Bruce Gross, Lennar’s chief financial officer.
Tian Ming, chairman of Landsea, told CNBC, “The Chinese real estate market is very competitive, and the U.S. housing market is recovering and expanding rapidly, so for us as a company to invest a certain amount in the U.S. makes a lot of sense for us.”
“Our primary customer is still here domestically in the U.S., but because of our background and who we are and our brand in China, we will get Chinese customers who will want to buy our homes, ” added Tian.
Self-described as China’s “pre-eminent green builder, ” Landsea is also starting out with projects in the San Francisco and Los Angeles areas. It plans to spend some more of that $1 billion in Boston and Washington D.C.