Jack-of-all-real-estate trades Stephen Siegel — who, in addition to serving as an executive at CB Richard Ellis, is also a large apartment landlord, restaurant owner and even minor-league baseball investor — has created a trade group to foster international real estate investment between China and the United States, according to Real Estate Weekly.
The group, called the China-U.S. Real Estate Council, or CUREC, has already faciliated meetings and investment proposals among Chinese and New York real estate leaders.
Indeed, according to REW, a recent Chinese delegation “included Wang Shi, head of China Vanke, the largest residential real estate development firm in China and Feng Lun, the head of Vantone, a major Chinese real estate company that signed an almost 200,000 s/f deal in the Freedom Tower in mid-2008 in order to divvy the space between Chinese firms interested in coming to Manhattan.”
The group met with New York heavy-hitters like Stephen Ross, Larry Silverstein, Joe Sprouls of Citicorp Realty Services, and ING Real Estate’s Stephen Furnary.
“At some point in time, Chinese investors will provide substantial capital for distressed properties,” Mr. Siegel told REW. “Our job is to help identify properties that are appropriate and they’ll make the ultimate decision.”