Landsea, a Chinese homebuilder is due to develop 550 homes in Orange County. Although the Chinese economy may be slowing down this shows that overseas developers are still extremely interested in southern California property.
The article in the Los Angeles Times points out that this company already has projects in Simi Valley and in the Bay Area and other states and it recently acquired 95 acres in Lake Forest with plans to develop homes largely being marketed towards American buyers. The development in Orange County is the largest so far for this company and it’s hoped will enable Landsea to hire an in-house development team with the aim of becoming one of the top national builders.
The company would like to grow in the United States and wants to employ local people. As such it hasn’t sent anyone from China to work in the United States. However for a company to really grow it does need a large project so it can recruit workers. The Lake Forest development will be built in the foothills of the Santa Ana Mountains and is part of a larger community called Portola Center which could eventually have 10,000 ft.² of retail space and up to 930 homes. The intention is to build around 550 of these homes throughout five neighbourhoods and this will include 330 single family homes and 240 ranch homes. Many of the properties are being advertised as having views of Santa Catalina Island and range in size from 1300 ft.² to nearly 4000 ft.². The prices for these properties are expected to be from the low $400,000 up to the low $1 million.
It’s expected that the first homes will be up for sale in the second half of 2016 with the project due to be finished in four years. The company is also planning a Simi Valley community with plans for around 180 homes, most of which would be detached single family properties.
Landsea was founded in 2001 in Nanjing and the company builds approximately 12,000 homes annually in mainland China. After arriving last year in the United States, Landsea intends to put $1 billion into the housing market in the United States. The company drew attention as it has been one of the first Chinese developers to enter into the single family home market in the US as previously Chinese developers have focused largely on mixed-use projects in urban areas.