Name-Brand A Chinese developer has paid $54 million for a condo site in Brooklyn.

Xinyuan Real Estate Co., Ltd. (NYSE: XIN), a residential real estate developer focused on China's high-growth strategic cities, announced in Beijing that its U.S. development arm, XIN Development Group International Inc., has purchased a 92,000-square-foot condominium development site at Kent Avenue and South 8th Street in Brooklyn, NY for $54.2 million. Rent

According to Xin, this is the first time a mainland Chinese developer has purchased property for a big residential project in the United States.

Xin expects more such purchases in the United States to follow in the near future, depending on the ups and downs in China's own real estate market.

This is XIN's first large residential development project in the United States, and its third investment in the country.

According to Xin's prepared statement, the 8,547 square meter site has already undergone $8 million in permitting, zoning, and foundation construction.

According to the announcement, the land will have a gross buildable area of 506,000 square feet (47,194 square meters) for residential condominium development. The project is shovel-ready, and XIN hopes to start construction in the first half of 2013 with certain design changes.

Because of the rising high-quality homes, restaurants and nightlife, Waterfront Park, and its close access to Manhattan, Williamsburg is one of the most popular districts in New York for singles and new families, according to the Xin statement.

The site has views of downtown Manhattan and is close to the Wall Street financial district. "We have entered the U.S. residential real estate development market with this pioneering acquisition in one of the most competitive and attractive markets globally, New York City," said Yong Zhang, Xinyuan's Chairman and Chief Executive Officer. "The area is quite popular with domestic buyers in the United States, and New York is a major destination for Chinese buyers," says the source.

"The Williamsburg project will provide a high-quality residential condominium development to over 200 New York families, as well as allow us to meet a significant demand from China for high-quality residential product in the United States," Zhang noted.

According to data released earlier this year by the National Association of Realtors, buyers from China and Hong Kong accounted for $9 billion in U.S. residential sales in the 12 months ended March 2012, up significantly from 2010, making them the second largest group of foreign buyers of homes in the United States behind Canadians.

"The Chinese government is limiting individual investment in the residential real estate market through mortgage availability, and this year, outright restrictions on residents owning multiple properties in certain cities," Omer Ozden, the advisor who led the Xinyuan acquisition team, told Commercial Property Executive.

"The restrictions were placed in place to keep purchases focused on actual inhabitants rather than investment, in order to restrain price growth and make housing affordable to a broader portion of society," Ozden explained. "These restrictions have prompted local real estate firms to look for investment opportunities abroad."

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