Los Angeles — Nanjing, China-based Landsea Group Co. Ltd. announced it will enter the U.S. housing market by investing more than $1 billion during the next several years, beginning with residential developments in three of the country's largest housing markets — New York, Los Angeles, and San Francisco.
Landsea Founder and Chairman Tian Ming is touring the company's building sites and will conclude his visit with a formal celebration on Sept. 4 at the historic Biltmore Hotel in Los Angeles, near the company's U.S. headquarters.
"This visit marks the advent of Landsea as an American homebuilder," said Tian. "We have already established our presence in Asia and Europe, but there is no better housing market than the United States, where home ownership will always be a part of the American Dream and a cornerstone of economic prosperity."
The chairman's U.S. tour began August 25 in Weehawken, N.J., where Landsea plans to develop a mid-rise 200-unit luxury condominium complex overlooking the New York City skyline. On September 1 and 2, Tian will be in Dublin, Calif., about 35 miles east of San Francisco, to see earthmovers preparing the ground for a 109-unit town home development to be known as Kingswood by Landsea Homes. That project will open for sale in early 2015. He will then head to Southern California on September 3 and 4 to visit Simi Valley, north of Los Angeles, where the company will introduce three new developments — two single-family home projects and an active adult building, which are currently under construction.
Tian will be accompanied by John Ho, managing director of Landsea Holdings Corp., the privately held subsidiary created to oversee and manage the U.S. projects. To ensure the company's success, Ho has personally selected a senior management team that is well known and highly respected throughout the local home building industry.
Landsea Holdings Corp. will be in charge of the design and development of the homes, which will be built by local companies using domestic materials. It will cater to American tastes, comfort and satisfaction. Landsea earned a 95-percent satisfaction rating in a recent Gallup survey of its Chinese homebuyers.
Landsea Chairman Tian said the three developments is the first phase of its more than $1 billion in home construction by Landsea in America. In addition to the New York, San Francisco and Los Angeles areas, the company also plans projects for Boston and Washington, D.C.
Landsea, which was founded in 2001, quickly became one of China's premiere "green" homebuilders, constructing residences with systems for rainwater retention and passive geothermal heating and cooling. The company is also a founding member of China Green Building Council, and a member of the German Sustainable Building Council and the U.S. Green Building Council.
Landsea's U.S. debut represents another milestone in the rapid growth of Landsea Group, which now has developments and research facilities in more than 40 locations throughout China and Europe. In 2001, the company started with an initial investment of $1.5 million, and now posts revenues close to $2 billion annually.