Now it is China. The Chinese big-ticket investors are interested in the U.S. real estate market. Now these Chinese homebuilders are trying to make their mark in California in their quest for new customers.
One of them, Landsea Group, said it plans to invest $1 billion in U.S. projects over the next several years. Landsea has three residential developments in the works, including nearly 200 units in Simi Valley — 152 single-family homes and a 35-unit project for "active" seniors. The land has been roughly graded, according to the city, and units will go on the market in 2015.
John Ho, managing director of Landsea's U.S. subsidiary, said the company has enjoyed explosive growth since it was founded in 2001 in Nanjing, China.
The company's goal is to be known as an American home builder. The homes in Simi Valley will be Spanish and Mediterranean-style, and feature "green" and energy-efficient building techniques the company is recognized for in China, Ho said. He said customers shouldn't expect Asian design aesthetics such as feng shui, which is supposed to promote health and fortune, and has been adopted by some California builders.
Other Chinese developers are making the plunge into developing residential communities. Starryland USA, a subsidiary of Chinese developer Fuxing Huiyu Real Estate Co., is planning projects in the Bay Area, Orange County and outside Seattle.