Bin Zhao, Chairman of Hongkun’s board is interviewed at Nasdaq in New York, the United States, on April 28, 2017.
In the recent wave of Chinese companies investing in the U.S., another Chinese real estate enterprise has joined the force.
Headquartered in Beijing, Hongkun Group (Hongkun in short) got a parcel of land in Edgewater, New Jersey in April. The land covers approximately 88,600㎡(about 953,682 sq.ft) with a planned built-up area of 271,000㎡ (about 2,917,019 sq.ft). With a view of Manhattan Island across the river, it accesses convenient transportation (ground, underground, and ferries) with a complete set of services and facilities in the neighborhood.
According to Bin Zhao, Chairman of Hongkun’s board, the amount of investment of the project reaches one billion RMB (about 145 million US dollars), and more than 2,200 apartments with refined decorations will be provided.
In recent years, making investments and buying houses in the US has become a new trend in terms of market buying. According to National Association of Realtors’ report in February, the country’s real estate transactions ranging from 250,000 to 500,00 dollars increased 10.6 percent year by year, the ones from 500,000 to 750,000 dollars added 15.5 percent, and the transactions between 750,000 and 1,000,000 dollars soared 18.1 percent.
Manhattan Island in New York City has been attracting the most real estate transactions. With the booming real estate market led by U.S. economic recovery, the areas along the Hudson River in New Jersey, where Hongkun’s project locates, are also increasingly popular among buyers.