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Real Property Law

Cal. Real. Prop. Journal 2015, VOL. 33, NO. 4

Cross Border Chinese Real Estate Joint Ventures and Reverse Mergers

Michael Puleo

Michael Puleo is a real estate attorney working at Kennedy Wilson in their commercial brokerage division where he focuses on the sale and acquisition of office, retail, and mixed properties for high net worth individuals. Given Michael’s prior experience in both the investment banking and alternative asset management industries, Michael has now directed his focus to the international real estate market with a concentration on cross-border exchanges and investment funds.

I. Introduction

From a foreign direct investment ("FDI") position, it seems that every morning either the Wall Street Journal or another notable business news publication is reporting financial transactions that involve a Chinese state- or privately-owned enterprise. On the U.S. real estate front, Chinese enterprises, including state-owned insurance companies, sovereign wealth funds, and a collection of private investor capital via the EB-5 program1 are deploying large amounts of money into a real estate sector that has vastly rebounded since its 2008 market crash. Given such capital deployment, it appears that a market for joint venture projects has blossomed.

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