Chinese property firms begin big foreign forayWith property curbs still intact, Chinese real estate companies have now opted expanding elsewhere in the world to make profits.

China’s biggest mainland property developer in terms of market value, China Vanke Co., Ltd (PINK:CVKEF) has announced its first venture in the United States.  Vanke announced that the company has agreed to do a joint venture project with U.S. –based Tishman Speyer Properties. Vanke and Tishman Speyer will build a luxury condominium building in San Francisco, California, China Daily News reported.

 

Tishman Speyer CEO Rob Speyer told China Daily that adjoining residential towers with 655 units will rise at 201 Folsom Street at the San Francisco South of Market (SoMa) neighbourhood. It is built across the Tishman Speyer’s first residential project.

 

In Brooklyn, New York, Xinyuan Real Estate Company, plans to start a condominium development by acquiring a $54.2 million property in September 2012.

 

In Malaysia, Country Garden, a company based in Guangzhuo established a joint venture with Maylanf to develop two residential projects.