HONG KONG / ACCESSWIRE / July 17, 2019 / Landsea Green Group Co., Ltd. ('Landsea' or the 'Company', together with its subsidiaries collectively known as the 'Group') (HKEx Stock Code: 0106.HK), a leading property development operator and green life service provider in China, is pleased to announce that its subsidiary Landsea Homes (a wholly-owned U.S. subsidiary of Landsea Green Group) recently acquired Pinnacle West Home, a Phoenix-Mesa-based developer, to develop 15 communities in 4 areas in Arizona, and more than 1,150 lots.
Through the acquisition, Landsea not only optimizes the product portfolio in the U.S. market, but also further improves its business structure, expands the U.S. business scope, ranking among the top 15 homebuilders in Arizona, thus contributing to the Group's performance development in the U.S. market.
With Insights into the Regional Development Potential, Landsea Identifies U.S. Market Trends
Landsea Homes acquired 15 residential communities in Arizona, including 1150 lots and 140 houses for sale, of which 8 are under construction with an average selling price of $300,000, and 3 are master planned communities ranking top in Arizona and the whole country. The region is expected to deliver more than 450 houses by the end of 2020.
Arizona boasts large technology companies and fast-growing manufacturing companies, ranking fourth in the U.S. in terms of economic growth. Its state capital Phoenix has maintained a strong growth rate of 6% in the real estate market in the past decade. With the development of high-tech enterprises, manufacturing industry and the rise of the Millennial generation, the demand for employment and housing in Arizona will steadily increase in the next two years.
With a forward-looking insight, Landsea Homes made its first business attempt into Arizona in 2018 to acquire the Chandler Sonora Crossing project. By acquiring 90 single-family homesites in Harvest Queen Creek, Phoenix's second largest community, Landsea Homes has further expanded into the rigid demand market in Arizona. Model home construction and pre-sales will start in early 2020, and the first closings are anticipated later that year.
Aligning Pinnacle West Homes with Landsea Homes will bring together the expertise of both sides in the residential construction, comprehensively enhance the maturity of construction operation and professional team building, and deliver best-in-class residential properties for the dynamic and growing Phoenix with innovation.
Optimize Product Structure, Landsea Steadily Expands U.S. Green Operations
Since entering the US property market in 2013, Landsea has consistently implemented its localization strategy from four dimensions, which are local market, local resources, local customers and local teams. Landsea has entered the mid to high-end residential market in Greater New York, Boston, Los Angeles, San Francisco and Arizona. It has developed 34 projects covering high-end apartments, detached villas, townhouses and other home types. Landsea Homes ranks among the top 40 homebuilders in the U.S..
With its localization strategy and mature green industry chain, the brand awareness of Landsea Homes has steadily improved in the U.S., and this brand won the Eliant Award 2018 - Purchase Experience Award. Its mid to high-end residential projects were recognized by the U.S. homebuilders. For example, the Vale project won the ' Excellence in Home Building Awards ' awarded by BIA Bay Area, and Lido Villas project won two awards of Gold Nugget Merit Awards. Landsea Homes has achieved excellent market performance and good reputation in the U.S. market.
While the mid to high-end residential market is developing steadily and maturely, Landsea also reviews the situation and improves its business structure, and turn its attention to the market with better growth and more stability. In the past two years, Landsea Homes has been deeply engaged in Arizona's market, focusing on the company's assets and the optimization of business structure, which effectively balance the company's product portfolio.
At the same time, the deep engagement in Arizona also enabled Landsea to complete the strategic layout of the five major metropolitan areas in the U.S. In the future, Landsea Homes will continue to implement localization and asset transformation strategy, insist on product differentiation, and it will enhance its competitiveness in the international real estate market with international perspective, first-class technology and management capabilities.
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About Landsea Green Group Co., Ltd.
Landsea Green Group Co., Ltd. (Stock Code: 0106.HK) has been one of the Top 100 Chinese Real Estate Enterprises in China for nine consecutive years. It is a leading property development operator and green life service provider in China. Landsea has been implementing a green product-centered and differentiated development strategy since 2004. The company's business network covers all major economic regions of China as well as the first-tier cities in the United States.
This press release is issued by PRChina Limited on behalf of Landsea Green Group Co., Ltd.
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SOURCE: Landsea Green Properties Co., Ltd
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