A new proposal from a Chinese developer has unveiled potential plans to create a new destination known as “China City’ in what is currently Upstate New York. This new travel destination will be aimed specifically at Chinese investors; a smart move considering Chinese investors have been recently held responsible for the current boom in the luxury real estate market in New York City. According to the plans, this multi-billion dollar development will be called “China City.” While some are wondering if this is simply a ploy for visas according to the team behind the project, the aim will actually be to please current Chinese investors that are already coming to New York City for real estate investment opportunities.
If approved, China City, will have more than a thousand homes and 56 different ‘ethnic villages’ as well as 250 hotel rooms. This will all be in addition to the more than 5 million square feet of commercial space and an amusement park. The interesting component of this project, as stated by the endeavor’s CEO Sherry Li, is that Chinese investors would give a $500,000 investment in exchange for visas in order to be a part of the EB-5 immigrant investor program.
For some, this seems as just another attempt to continue the influx of luxury Chinese real estate investors in new York City, for others this is actually a valuable opportunity to make the lives of the countless Chinese investors that call NYC home more comfortable. According to Li, the area would provide a place for these Chinese investors to buy home and raise their children. The area would also provide educational opportunities as China Town would allegedly have a four year college on the property. This would be an addition to the amusement park type features with rides, gift shops and cartoon characters that will also be in the space.
No matter what stance others take on the possibility of China City invading Upstate New York, there is no arguing that this idea only solidifies the fact that Chinese investors have developed a major presence within the New York City real estate market. For now, no official plans have been released regarding the approval for China City. However, it is another possible luxury addition to the New York City skyline that could draw in even more wealthy Chinese investors to the Big Apple.