San Francisco attracts Chinese investors
In separate deals, Chinese investors have acquired properties in the San Francisco Bay Area.
The U.S. branch of state-owned Chinese developer Greenland Group purchased a 42-acre property in South San Francisco, Calif. The seller was a partnership between Shorenstein Properties and SKS Partners, which paid $84 million for the land in 2008.
The sales price was approximately $170 million. The firm plans to develop a 2.25 million-square-foot office and research center on the South San Francisco waterfront, a project estimated at a total value of $1 billion.
Greenland USA partnered with Ping An Trust, Agile Group and Poly Sino Capital to buy the development in a joint venture called Oyster Point Development LLC. The joint venture expects to break ground on the development in mid-2018 following infrastructure improvements by the city of South San Francisco, including streets, utilities and grading. The construction will take about two years.