Partner Peter Dessau Comments on the Influx of Chinese Investors in the U.S. Real Estate Market
Construction Partner Peter Dessau recently offered his insights for an article published on May 21 by Law360 on the complexities and potential pitfalls of domestic real estate deals being entered into by Chinese investors, many of which do not have real estate and construction experience.
Peter explained, “The firms that are coming in and making investments are not educated on the nuances of how construction is actually performed, both factually and administratively.”
He continued, “So-called change orders, changes in the development schedule, are sometimes overlooked by developers or are not quickly taken care of. Rather than take care of such minor change orders, which may, say, require a small additional payment to a development partner, some companies instead try to negotiate them, which often creates more hassle and delay than it's worth. The role of lawyers is to ensure that the investment group is advised and has a contract in place that is a conventional agreement, consistent with industry custom, in the marketplace where the work is being done.”
To read the article in its entirety, please click here (subscription required).
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