Officials in New York City are attempting to woo a group of Chinese representatives as they look for investment opportunities in the U.S.
Last Wednesday, the group was whisked around the city on a tour of the Empire State Building and One Bryant Park, before being given a crash course on real estate in the city. The tour is just one part of a networking initiative by the Economic Development Corp. in the city, which is attempting to attract high-growth potential businesses from Asia.
Many Chinese businesses are looking to establish themselves in New York right now, according to CB Richard Ellis’ Gregory Kraut, who led the tour.
“Chinese firms really want to get a piece of New York,” said Mr. Kraut. “It’s similar to twenty years ago when the Japanese came here.”
Economic Development Corp. officials have said that it’s very important for the city’s economy that they can attract growing Chinese firms that want to invest abroad, before someone else gets there first.
A number of Chinese businesses have opened up New York offices recently, including the Li & Fung apparel company, which is leasing office space in the Empire State Building, and the China International Capital Corp. investment bank, which opened up a new branch at 350 Park Avenue two years ago.
Zhao Xinlin is one of those presently scouting out office space in the city. The Yangtze River Delta Construction Investment Group chief executive is weighing up the pros and cons of renting space in the Empire State building for his infrastructure construction company, which employs 1,200 people.
Globelink China Logistics’ Solomon Cai is another chief executive scouring New York for offices. His logistics company, based in Shanghai, already has a base in Miami and is looking to expand to Atlanta, Houston and Los Angeles as well as the Big Apple.
“2011 is a golden time for Chinese companies looking to come to the U.S.,” said Mr. Cai.