China Center to open for business in NY in 2015

Vantone Holdings Co Ltd is expected to open its China Center in New York for business in 2015, according the company's chairman Feng Lun.

As a platform to support Chinese companies doing business in New York, the center, located in the tallest building in the US - One World Trade Center - is funded by Beijing-based real-estate giant Vantone Industrial Co Ltd in partnership with the New York City Investment Fund.

China Center will serve as the primary platform for Chinese companies entering the United States, as well as for American businesses seeking new market opportunities in China, according to Feng.

China Center signed a 20-year lease with the Port Authority in 2009, for about 190,000 square feet of space on six floors at $80 per square foot to start with.

Feng Lun, chairman of Vantone, said the investment yield is expected to be about 8 to 11 percent within five years of the property's launch.

The investment return, according to Feng, is not so attractive compared with Vantone's residential projects in China. But the yield is likely to be steady in the long run.

In September, the center announced a partnership with Singapore's restaurant group Tung-Lok Group to open a restaurant with renowned chef Susur Lee. This partnership is the group's first outside of the Asia-Pacific region.