Developer has big US housing plans

When He Yuanliu came to the US in 2014, he was alone.

Now, the vice-president of property developer DMG Investments LLC sits in a high-rise office building on Wall Street with a staff of 20. Across the Hudson River is what He considers a milestone for his company: One Park, a 14-story, 204-unit condominium on New Jersey's so-called Gold Coast.

"It's the first project that has been developed and funded by ourselves, showing we have successfully fit into the US housing market," He said.

The US subsidiary of DoThink Group, one of the top 100 real estate firms in China, DMG Investments was established by Hein New York when he arrived.

Construction of the $150 million, 409,029-square-foot One Park in Cliffside Park started in October 2015 and is expected to be completed in the summer of 2018 and to be fully occupied in two years. A sales office for the condominium opened on July 1.

"We decided on Cliffside Park because we saw it as a very habitable neighbor," said He. "The area is very quiet and the location is on the side of a cliff, which offers unimpeded views of the Hudson River and Manhattan skyline."

He said the idea behind the project is to provide affordable luxury housing to middle and upper-middle class buyers. "We offer the same amenities and services as those luxury apartments in Manhattan but at half the price," He said.

The company also spent more than $200,000 to renovate a nearby state park for the project's residents.

"One Park is the ideal choice for Manhattan commuters and residents around New Jersey who wants to live a luxurious, quiet and comfortable life," said He. "We hope this project can also bring more activities and businesses to the local community.

"There are lots of rental products coming to the Jersey Gold Coast, but not many condo inventories," said He. "And more and more people choose to move to the Gold Coast because as transportation is becoming more convenient, more businesses are opening there. Thus, we see opportunities in the market."

New Jersey isn't the only state where the company has housing developments.

It has developed six projects in the past three years in Texas, Tennessee, Wisconsin and New York, investing approximately $1.6 billion in the projects.

"We have tried different projects since we entered the US market to find the best strategy and direction for us," said He. "For example, in Houston, we invested in two student apartments called Arabella and Savoy; in Wisconsin, we bought a luxury rental apartment (building) called Frederick Lofts."

"Our company now plans steady expansion in greater New York City, focusing on residential and rental projects," said He. "And in other states, we will mainly focus on student housing projects."

DoThink Group, established in 1995, is a property development conglomerate based in China's Yangtze River Delta. For more than two decades , the company has steadily increased its assets, which now amount to more than $15 billion.

The company is also looking for opportunities in immigration services, property management and education services for international students overseas.

ruinanzhang@chinadailyusa.com

(China Daily?USA 08/14/2017 page2)