BEIJING, CHINA – Governor Edmund G. Brown Jr. joined U.S. Ambassador to
China Gary Locke, Chinese Vice Minister of Commerce Wang Chao and
hundreds of American and Chinese business leaders at the U.S. Embassy in
Beijing on Wednesday night, where he announced a $1.5 billion
investment partnership between a California-based developer and a
China-based investor and developer that will create thousands of
California jobs.
The $1.5 billion Brooklyn Basin
investment deal between China-based Zarsion Holdings Group Co. Ltd. and
California-based Signature Development Group will create 10,000 jobs
and provide for the construction of 3,100 units, 200,000 square feet of
retail and commercial space and 30 acres of parks and open space in
Oakland. The project will break ground in 2014.
“This massive influx of Chinese investment will put thousands of
Californians to work and dramatically improve Oakland’s waterfront,”
said Governor Brown. “This project is just one example of what’s
possible when business leaders in two of the world’s most dynamic
regions connect.”
According to research company Rhodium Group, from 2000 to 2011, Chinese
investors funded 165 deals in California worth $1.3 billion – which
represents more than one quarter of all Chinese investments in the U.S.
during this period. The report also found that California has the
potential to attract up to $60 billion in Chinese foreign direct
investment by 2020.
This is the first major investment by Zarsion Holdings Group in the
U.S.. Governor Brown supported the project when he served as Oakland’s
Mayor. Oakland’s current Mayor, Jean Quan, a Chinese American, was
instrumental in connecting Beijing Zarsion Holdings Group with Signature
Development Group.
At the reception, the Governor also announced the creation of a new
program funded by a $250,000 grant from the Florence Fang Family
Foundation, in support of the 100,000 Strong Foundation, which was
launched by former Secretary of State Hillary Rodham Clinton to expand
and diversify the number of Americans studying Mandarin and studying
abroad in China. The program will send California community college
students to study in China, starting with students in the San Mateo
Community College District in 2014.
“The best way for students to learn about China is to go to China,” said
Governor Brown. “Through this program, students will forge great
friendships in one of the world’s most creative and dynamic countries.”
The Governor’s trade and investment mission follows more than a year of
significant diplomatic and business exchanges between the State of
California and China. In February 2012, Governor Brown welcomed His
Excellency Xi Jinping, then-Vice President, and now President of China,
to California. During the visit, Governor Brown announced his intention
to visit China, open a trade and investment office and form a
China-California Joint Task Force to drive more collaboration,
investment and trade between California and China. Later in 2012, the
Brown administration convened the inaugural Joint Economic Committee
between California and China’s Jiangsu Province, hosted a Chinese
delegation led by the Vice Minister of China’s Ministry of Commerce and
met with a Chinese delegation led by Deputy Governor Xia Geng of China’s
Shandong Province.
This week and next, the Governor will meet with Chinese government and
business leaders, highlight bilateral trade and investment opportunities
between the two regions and open a new trade and investment office. In
addition to Beijing, the trade and investment mission will include
events in Shanghai, Nanjing, Guangzhou and Shenzhen through Tuesday,
April 16th.
Joining the Governor on the trade and investment mission is a delegation
organized by the Bay Area Council that includes approximately 90
business, economic development, investment and policy leaders from
throughout California. Senior administration officials are also
accompanying the delegation.
The reception at the U.S. Embassy capped the first full day of the
Governor’s trade and investment mission to China, which included
meetings with China’s Minister of Commerce, Minister of Environmental Protection, Chairman of the National Development and Reform Commission and a forum with the American Chamber of Commerce – Beijing.
press release
