Here It Comes - Chinese Lenders - Will They Push California Municipalities around?
Local developers in Hunters Point have been crushed to the point they went to China. (I live in this area of San Francisco; it is truly the "frontier" so to speak). Kofi Annan is a top guy for Lennar; he has come to our Bayview Heights HOA meetings over past 8 years and blah blah blah - small footprint apartments; too much density for the area...just a general snowjob. Now he's going to China to get financing. With that type of investment, and a lack of local govt oversight I feel this will be a boondoggle (it already is actually) of massive proportions.
I accept that this is probably the way things will be done in the future; just taking a moment to share with my critical-thinking friends here in the Palor Tricks forum. :)
I don't think they will need to; plenty of ex-pat Chinese already here that can follow instructions. Chinese Americans are prominent in SF Building departments; I can tell you from personal experience as both a Commercial lender and a self employed mortgage broker.
In recent years, Chinese state money—in large part provided by CDB and its counterpart the Export-Import Bank of China—has been pivotal in funding major infrastructure and resource projects around the world, but the bulk of that activity has been in developing countries in Africa, South America and Asia.
That has resulted in the construction of dams, airports, railways, highways and sports arenas that otherwise wouldn't get built, primarily in developing countries. Funding is typically conditional upon Chinese developers and contractors being used to build the projects. And in order to keep costs down, and in many cases to ensure the necessary expertise, at least a portion of the workforce is flown in from China.
It should be pretty easy; yet I am really intrigued by the potential for a massive F up here. Will the lenders push around San Francisco?
I mean, they will have the hammer ($$$)...