On investment strategy:
For the condo project in San Francisco, Vanke partners with Tishman Speyer and owns more than 70% of the entity. But unlike typical US money investor, Vanke is very quiet, not involved in any financing negotiation at all. Not sure about Vanke’s plan. Maybe they focus on yield, not training their own team at this time. Hope their team can be more active in the Lexington Avenue deal.
Impressed when heard Greenland chose to work by itself instead of finding a local partner although they do have Tishman (not Tishman Speyer) as the construction manager. No experiences with Greenland, but heard the project is going well. Recently, they received $39MM TOT reimbursement from city of Los Angeles.
On the union:
It is difficult to avoid union issue because Chinese developers are still focus on the “Big Six” (SF, NY, LA, Chicago, Boston, and Washington DC). Union is strong in these big cities. It will be much easier to find non-union in Southwest, like Texas.
Most Chinese developers work on Trophy project (high rise, institutional quality) that could only be built by union. For elevator, crane, etc, there is almost no non-union contractor.
Although union is a little expensive, typical they do a better quality job; they could be a market tool; they could help the entitlement process; help financing, especially some lenders in US require 100% union for the construction job, most of these funds are funded by union pension money.
Green building and LEED:
LEED is still voluntary, but sooner or later, LEED will be mandatory just like ADA requirements. It is better to do it right now than spending money later.
For the condo project in San Francisco, Vanke partners with Tishman Speyer and owns more than 70% of the entity. But unlike typical US money investor, Vanke is very quiet, not involved in any financing negotiation at all. Not sure about Vanke’s plan. Maybe they focus on yield, not training their own team at this time. Hope their team can be more active in the Lexington Avenue deal.
Impressed when heard Greenland chose to work by itself instead of finding a local partner although they do have Tishman (not Tishman Speyer) as the construction manager. No experiences with Greenland, but heard the project is going well. Recently, they received $39MM TOT reimbursement from city of Los Angeles.
On the union:
It is difficult to avoid union issue because Chinese developers are still focus on the “Big Six” (SF, NY, LA, Chicago, Boston, and Washington DC). Union is strong in these big cities. It will be much easier to find non-union in Southwest, like Texas.
Most Chinese developers work on Trophy project (high rise, institutional quality) that could only be built by union. For elevator, crane, etc, there is almost no non-union contractor.
Although union is a little expensive, typical they do a better quality job; they could be a market tool; they could help the entitlement process; help financing, especially some lenders in US require 100% union for the construction job, most of these funds are funded by union pension money.
Green building and LEED:
LEED is still voluntary, but sooner or later, LEED will be mandatory just like ADA requirements. It is better to do it right now than spending money later.
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