Dive Brief:
- Unconcerned by the unpredictability in the U.S. residential market, Chinese builder Landsea Group Co. Ltd. is coming to the U.S. and will start with townhome projects in the New York, San Francisco and Los Angeles.
- Company Chairman, Tian Ming, started a U.S. tour Monday that leads up to the official opening of Landsea's U.S. headquarters in Los Angeles next week. In a statement he said that "there is no better housing market than the United States, where homeownership will always be a part of the American Dream and a cornerstone of economic prosperity."
- While a number of builders and economists are trying to figure out if that traditional ideal will continue to play out in a post-recession market, Landsea says it will put upwards of $1 billion into work in the U.S. in the coming years.
Dive Insight:
A subsidiary, Landsea Holdings Corp., will be the U.S. entity and will design and develop the company's projects. Landsea says it will hire local builders to do construction and will use U.S. materials. In China, the 13-year-old company is known as the largest green residential builder. It bills itself on a website as "the most competitive integrated services provider of green building technology in China."