From left: Ifei Chang, Shang Dai, Eliot Spitzer, Steve Witkoff, John Liang and Stan Gale Jr.
New York City and China’s biggest developers dished on joint ventures, EB-5 financing and the importance of good partners in a no-holds-barred chat at The Real Deal’s inaugural U.S. Real Estate Showcase & Forum in Shanghai.
Speaking on Friday’s headline development panel, Spitzer Enterprises’ Eliot Spitzer, Steve Witkoff of Witkoff, Greenland USA’s Ifei Chang, Xinyuan Real Estate’s John Liang, Kuafu Properties’ Shang Dai and Gale International’s Stan Gale Jr. also touched upon overcoming the cultural differences between the U.S. and China.
“Chinese people, for some reason, believe that American people are more honest than themselves,” Dai said, while “Americans think that Chinese people are complicated.” It was important, he said, to get past small cultural differences such as the way Chinese hand out business cards (with two hands) and understand that “Chinese investors have become more sophisticated than you think.”
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