Money
Tycoon tells university delegation of his US plans
By Lara Farrar (China Daily)
Updated: 2010-03-17 07:54
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The head of one of China's largest private construction companies says he is considering expanding his business operations to the United States.
Yan Jiehe, founder of China Pacific Construction Group, said he would travel to the US in October to explore investment opportunities that range from real estate to manufacturing. He declined to disclose whether any specific negotiations are already under way.
Established in 1995, China Pacific Construction has been involved with major projects, including the Beijing-Shanghai Expressway and Jiangyin Yangtze River Bridge.
"It will be a good opportunity because America welcomes investment from China," said Yan. "The American economy is open and enlightened."
The construction tycoon, who was named China's second wealthiest man by analyst Hu Run in 2005, made the announcement while meeting with a delegation from Harvard University Monday night at the Beijing offices of Huatuo Wisdom International Group Ltd.
Yan is chairman of the board of directors for Huatuo, a non-governmental organization that serves as a think tank for cultivating Chinese entrepreneurship.
He said a group of China's top executives will also accompany him on his trip to New York, Boston, Las Vegas and other cities to study the investment climate.
"We will make annual trips to learn more about doing business in the US," he said.
A growing number of Chinese enterprises and individuals have been looking to invest in America where a burst housing bubble and commercial real estate credit crunch have resulted in property steals across the country.
In December, Toward Group announced it had acquired a dormant shopping complex in Milwaukee, Wisconsin, for $6 million. The Beijing-based company said it would open a Chinese-style shopping mall in the complex later this summer.
Jones Lang LaSalle completed a 20-year lease for Vantone Industrial Co. Ltd., a Beijing real estate firm, at 1 World Trade Center in Manhattan last May.
Vantone, the first private firm to lease space in the building, plans to open its China Center there as a hub for Chinese corporations developing business operations in the US.
"In the last few years, the major trend has been obviously, that Chinese individuals and corporations are expanding overseas and looking for major business opportunities," said David Hand, head of investments for Jones Lang LaSalle China.
