Chinese Investors Cutting Deals in Toledo, OH
New York Times reports: Though Chinese entities have made significant equity and debt infusions into the US’s commercial real estate sector over recent years, with particular interest in the nation’s leading metropolitan areas, their direct investment into brick-and-mortar properties has been far less pronounced. In a recent story on the topic of Chinese direct investment into the US, the New York Times quoted data provided by Real Capital Analytics to state that, “…aside from two big office building investments in New York for $900 million, the largest Chinese investment last year was the $90 million purchase of the Sheraton Universal Hotel in North Hollywood, Calif., by the Shenzhen New World Group.”
Though not topping this hospitality purchase last year, a Chinese pair of private investors have recently announced they have collaborated with the City of Toledo, OH to purchase a significant chuck of riverfront property called the Docks, for $2.2 million. The deal also included five acres of parking nearby, and the two are eyeing a large, nearby development site that was formerly the location of a power plant.
The two investors, Yuan Xiaohona and Wu Kin Hung, originally reached out to Toledo Mayor Michael P Bell to establish themselves as players within the secondary Midwest market. The property, a city-owned combination dining/entertainment complex, struggled during the recent downturn. Now Ms Yuan and Mr Wu plan to infuse up to $300 million to redevelop the property, which could also include the “Marina District” parcel directly adjacent to it, into a international business center for foreign firms looking for a Midwestern US hub.
View the full article on New York Times: Chinese Investors Cutting Deals in Toledo, OH
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Posted by: Nina Turner