Chinese Chess

From the July issue: The adage “all real estate is local” takes on new meaning when it’s uttered half a world away. As Chinese developers and investment firms ramp up their activity in New York City, they’re also building local real estate teams from the ground up.

To do that, these firms, which are mostly based in Beijing and Shanghai, have been poaching talent from some of the city’s top real estate firms, including Extell Development, Vornado Realty Trust and Silverstein Properties. “They need people who are very familiar with the U.S. real estate market,” said Scott Hileman, director of the real estate group at the global consulting firm Deloitte. [more]