For eight years, a pair of local developers gradually readied a 42-acre strip of waterfront land 10 miles south of downtown San Francisco for a major project, steering it through local land-use approvals.
Now, a group of major Chinese developers is poised to do the heavy lifting. The venture of Greenland Holding Group, Ping An Trust and other investors paid $171 million last month for the site that juts into San Francisco Bay.
The new owners are planning a more than $1 billion development aimed at biotechnology companies, an industry flourishing in the area. “We are pretty confident about the local market and particularly about the research-and-development market,” said Tao Tao Song, chief executive of the venture.
Over the past three years, Chinese investors have plowed money into some of the highest-profile developments in the U.S. Other cities with projects under way or in the pipeline include New York, Boston, Chicago, Los Angeles and Miami.
The flow of cash from China into U.S. commercial property is continuing unabated as companies seek to diversify outside of China at a time when confidence is fading in their local real-estate markets, real-estate executives say.
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