Exchange Database
Chinese developer buys prime downtown San Jose property site
Chinese investors continue to look favorably on California real estate as Chinese developer Full Power Properties purchased a downtown San Jose property from KT Properties, a Silicon Valley-based real estate firm. The transaction was regarded as one of the most substantial downtown San Jose deals in a long time, according to the Silicon Valley Business Journal. KT Properties sold its two-acre site at 190 W St and James St, which is now a surface parking lot, but approved for 643 residential units in two towers, to the Chinese developer. It is a major high-rise apartment development site and there are plans to start construction next year. Full Power Properties is an affiliate of R&F Properties, a Chinese real estate giant.
Outcomes:
Both Full Power Properties and KT properties were reluctant to disclose more details about the purchase two weeks ago. Since 2012, Chinese developers and real estate buyers have been eager to explore opportunities in the California real estate market. With its strong economic development, large population and beautiful scenery, California has been regarded as one of the best locations for Chinese investment. From March 2013 to March 2014, more than $22 billion in Chinese money flushed into California's real estate market.
Government?:
No
Type of Exchange:
business
Partners:
KT Properties
Full Power Properties
Chinese Consulate in San Francisco
Sponsor(s):
Full Power Properties
Participants (Types):
real estate executives
Exchange Date:
Tuesday, September 2, 2014
Continuing:
No
Location:
San Jose, California
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