Chinese affiliate buys Brickell site for $74.7M
A Beijing company purchased a Brickell development site for $74.7 million in cash.
An affiliate of China City Construction and New York-based American Da Tang Group reportedly bought the 2.39-acre construction site at 1430 South Miami Avenue.
A recent change in immigration restrictions allows some Chinese to apply for 10-year visas, the Daily Business Review reported.
“Miami is a very beautiful city, and the economy is really impressive,” Dr. Shanjie Li, chief executive of American Da Tang Group, told the DBR in a translated interview from New York. “The way it’s developing; it’s almost like the coastal cities in China.”
The property’s former owners, Aventura-based Cabi developers, previously held up the sale of the property as part of a Chapter 11 bankruptcy restructuring. [Daily Business Review] — Katherine Kallergis