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China’s investment boom creates almost 100,000 jobs in U.S.

Chinese acquisitions, Chinese investment, U.S. jobs

In Miami, a luxury condo tower called One Thousand Museum, is rising over Biscayne Bay. Its contractor is a Chinese firm, the largest builder in the world.


Hundreds of movie theaters across the country are owned by the Kansas City-based AMC Theatres chain, which reports to China's richest man.


In a presidential campaign focused on the loss of American jobs, a recent study shows how U.S. jobs are created or preserved under China's investment boom in the United States.


China has spent more than $100 billion since 2000, buying or making significant investments in 1,900 companies. The inflow is accelerating: In the first quarter of this year, Chinese firms had $30 billion in pending or completed deals, according to Stephen Orlins, head of the National Committee on U.S.-China Relations.


The Chinese purchasers, many of them state-owned or with close government ties in China, are responsible for almost 100,000 American jobs, according to a recent report by Orlins' organization and the Rhodium Group.


One of those jobs is held by Brad Meltzer, president of Plaza Construction Florida, which is building One Thousand Museum, set to open by next spring with a $49 million penthouse and condos starting at $5.7 million. The company's parent group, Plaza Construction, is headquartered in New York. It's owned by China Construction America of Jersey City, N.J., a subsidiary of China State Construction Engineering Corp. in China.


More than half of that investment came last year in a single purchase: The Dalian Wanda Group, also the buyer of AMC Theatres, paid $650 million for Tampa-based World Triathlon Corp., which runs some 270 Ironman Triathlons around the world each year. That purchase signals a likely increased "Chinese footprint" in Florida's tourism, real estate and agricultural sectors in the coming years, the report said.


"As China becomes more and more invested in the United States, it has a bigger and bigger stake in the success of the American economy, so that creates a shared interest," said Chris Brewster, a Washington lawyer with Stroock & Stroock & Lavan. "At the same time, plainly these investments can present national security considerations for the United States."


Chinese acquisitions now make up more than one-fifth of all foreign purchases or significant investments vetted by CFIUS.



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