Major Milwaukee news broke in China at the end of December, and since many people were on vacation and the topic hasn't yet garnered the buzz I thought it would, I thought I'd comment on AmAsia Plaza.
What's AmAsia Plaza? It's the probable new development at Milwaukee's long shuttered Northridge Mall. And, it could be a very, very big deal for greater Milwaukee.
Chinadaily.com's Wang Chao broke the story on Dec. 30, writing, "A Beijing company has purchased a shopping mall in the U.S., marking the largest overseas acquisition of commercial property by a Chinese enterprise to date.
"Beijing's Toward Group said it will open the mall in Milwaukee, Wis., in August 2010 when 40 percent of tenants are expected to have moved in. The company announced its acquisition of the property on Dec 24."
A mall of Chinese retailers and restaurants on Milwaukee's Northwest Side? Interesting and possibly one of those regional game changers that could truly become a destination for years and years.
Wow, if only the Milwaukee Bucks still had Yi Jianlian, the acclaimed Chinese NBA player. Side note, I do kinda miss Yi. His presence brought a whole new attention to the Bucks. And, even though I don't think he'll ever be an elite player in the league he's playing well now. But, he never truly wanted to be here.
Anyway, the investors at the old Northridge do want to be here. "The sales tax rate in Wisconsin is only 5.5 percent, much lower than the average level in California, which is 7.25 percent to 9.75 percent," Wu Li said to Chinadaily.com. "The purchase only cost $6 million. It would cost $100 million to build a similar property.
"If the occupancy rate is high enough, this mall will be worth a lot of money in the capital market," said Wu. "That is how we will make our profit.
"Besides, it is the economic center of Wisconsin and is only an hour away from Chicago," Wu added. "There are almost no big malls dedicated to sell Chinese products. We face far less competition than on the East and West coasts."
It's far too early to assess what AmAsia Plaza could or will become (who knows if the name will even stick), but here are several reasons to be optimistic:
- Ningbo, Milwaukee's sister city, will be involved giving the Milwaukee development an even more international and relationship-based flavor.
- Northridge is still a black eye for the area. This helps it heal.
- Milwaukee needs unique destinations. And AmAsia Plaza could be something truly different.
- Walmart is close by. Obviously, this company knows retail and the investors of the Chinese project have seen Walmart's success in the area.
- Outside investment in Milwaukee is a good thing. Our area can sometimes have a small city attitude about it.
- Opening up to ideas from international investors raises Milwaukee's game and profile.
Read the full story at the link below and search other local media for takes on this development. Personally, I'm exited about its potential and eager to learn more.
What's your take? Use the Talkbacks now.
This is "It has also become so far the largest acquisition of Chinese enterprises overseas commercial property development project. "
They want to promot Made in China as a quality brand - not just cheap OEMs.
" As a private entrepreneur, WU Li-feel that they have a responsibility to establish the China Brand Name: "China Commodity = low + + OEM production of low value-added, this is entirely unreasonable, our Asian-American mall would change this impression, We hope to bring Chinese goods overseas consumers will also allow them a taste of our culture. ""
""The idea is to create Asian-American Mall North American trading center of Chinese goods as the goal, to show China's modern cultural level and the level of China", Beijing Taiwo De Investment Co., Ltd., chairman of Dong-Mei Cai told reporters, "Our aim is to 'China manufactured 'products led to the U.S. market, so Chinese enterprises really into the United States, the United States to build' Chinese brands' use of global resources and markets, optimize the allocation and improve their core competitiveness. "Dong-Mei Cai told reporters stationed at mall merchants will show sales of own brand, quality, first-class products with Chinese characteristics, including electronic appliances, garments, home decorations and other 10 types of goods, January 8, 2010 in Ningbo to start the first round of investment the country. Ningbo station, the next will be in Dalian, Wenzhou, Beijing and other places to conduct series of investment activities in Asia and the United States in August next year, will be officially opened mall. "
"Just last week, led by the Ministry of Commerce produced propaganda "Made in China" international image of the advertising packages just in the U.S. Cable News Network (CNN) broadcast on the mall project was initiated with Asia and the United States is precisely the "Made in China" in the United States The best interpretation of landing. The United States in September this year, Wisconsin Gov. Dong Jie Mu (JIM DOYLE) Taiwo De During his visit, also the time of acquisition of the financial crisis, expressed great appreciation and promised to give maximum support in all aspects. "
The lease details and investment requirements are also on the website.
"Dong-Mei Cai introduced for the size of domestic enterprises is different from Asia and the United States mall for enterprises to adopt four different modes of cooperation, including the leasing, joining methods, product display and sales agent for commission business."
In Joining they all pool their money together so they qualify for investment immigration qualifications?
Rent :98 ---- 150 U.S. dollars / square meter / year (according to the construction area)
Property management fees 2 U.S. dollars / square meter / month
Merchant must sign two years (including 2-year) leases and pay rent equivalent to the amount of the guarantee will be for one year
Merchant lease contract entered into after the 6 months rent-free period
Utilities / real estate tax and various taxes and fees collected according to the actual costs incurred in a unified "
500 thousand U.S. dollars investors hold 0.5% stake in mall
Annual investment rate of return of not less than 10% of the investment period of five years, investors may choose to withdraw or transfer the whole year to do business migrants
Asia and the United States Mall of not less than 400 square meters of independent property rights of the investors secured property"
product display and sales agent for commission business
"Product display and sales agent
Enterprises will be commissioned by Asia and the United States-store product promotion and sales of display
* Booth space not less than 9 square meters
* Booth Rental: 300 USD / square meter / year
* Asia and the United States Mall 3% of total sales by extracting agent service fees
Entrusted with the operation
* Enterprises, such as product selection and Asia and the United States signed a commission mall operating agreement, enterprises are not required to pay the rent and any other costs, Asia and the United States mall fiduciary products by 20% of total sales extracting management fees."
more about Investment Immigration
Milwaukee 500,000 investment preferential policies for immigrants:
Investment in the United States immigration policy provides that: In the United States a total investment of 100 million, and the direct creation of 10 jobs can be obtained for investment immigration qualifications. Asia and the United States mall project area enjoy the "Invest in the Diaspora Center" preferential policies (EB-5 policy), that is, a total investment of 50 million U.S. dollars, allowing the creation of 10 indirect jobs will be entitled to invest in their immigration status.
Investors enjoy the following benefits:
1. To meet the requirements of investors and their families (spouse and unmarried children under the age of 21) are eligible to apply for and was given a green card though the investment must be in a specific context of the regional centers, but the investor and his or her family in the United States any place of work, the Health on the investor's age, business training and experience, as well as language ability does not require funding the person's age, business training and experience, as well as language ability does not require
2. You can travel without a visa from the U.S. permanent residents to enjoy the educational benefits, including the right to pay the resident tuition rate to enter State University to study to become permanent residents after five years are eligible to become U.S. citizens
3. Completed an investment after the migrants returned to investors
4. Asia and the United States mall of 400 square meters of independent property rights of the investors the security of property
5. Asia and the United States mall can I invest in immigrants and their families to provide employment opportunities
The way I read towards websites this project is a mall and an expostion center.
* Excellent quality commercial, cultural, exhibition center
* Set the wholesale, retail, e-commerce, logistics integrated business platform
* US-Canada border unparalleled platform to showcase Chinese culture and tourism promotion window
Asia and the United States Mall
Food Street: A Chinese specialty cuisine throughout the main attraction and the United States to local public catering.
Pavilion ethnic characteristics: pooled specialty products throughout China, including ethnic jewelry, ethnic handicrafts, ethnic characteristics, gifts, national costumes and so on, such as batik, root carving, handicrafts, Tibetan jewelry, embroidery, bamboo paintings, Zhuang Jin, porcelain, hemp color painting , bronze ware, ethnic minority residential model, linen murals, glass crafts, paper cutting, wood watermark, seal carving, face painting and so on.
China Commodity Trading Center in North America
In a professional exhibition, consumer show, ICIF, tourism promotion, new product launches based, advocacy and promotion of Chinese national brand products and Chinese local culture and tourism; the holding of US-China Trade Forum.
Perennial host a variety of Chinese cultural exhibitions and performances, such as painting Chinese characters, Chinese language teaching and competition, live arts and crafts shows, opera performances.
5 comments about this article.
Post your comment/review now
Disclaimer: Please note that Facebook comments are posted through Facebook and cannot be approved, edited or declined by OnMilwaukee.com. The opinions expressed in Facebook comments do not necessarily reflect those of OnMilwaukee.com or its staff.
Recent Articles & Blogs by Jeff Sherman
Published May 4, 2016
As we look at the growth in greater Downtown, I think a place like City Winery could do well. It's unique, large and creates an experience that's missing in our market. But, what do I know? What do you think?
Published May 2, 2016
I knew I had lost it. I went for a walk last Saturday and took only my phone and debit card. The phone was for some podcast catch up and the debit card for a quick stop at the grocery store on the way home.
Published April 22, 2016
Eating and drinking inside the Milwaukee Public Museum isn't usually allowed. But for events like Moveable Feast and, of course, the annual Food & Froth Festival, it's embraced, encouraged and wonderful.
Published April 20, 2016
As plans for a new Grand Avenue continue to develop, which grocer would be the best for the heart of Downtown Milwaukee? Which store do you want on Wisconsin Avenue?
Published April 18, 2016
Brian D. Till is the James H. Keyes Dean of Business Administration at Marquette University, a position he has held since July 2015. Jeff Sherman sat down with him recently to talk about MU, Milwaukee, business education and more.
Published April 13, 2016
"Cheap drinks, Midwestern soul food and a sensibility that incorporates equal parts worldliness with small-town friendliness." This is how a new New York Times' Frugal Traveler feature on Milwaukee ends. Quite fitting, I'd say.
Published April 6, 2016
Amazon Prime members in Charlotte, Cincinnati, Fresno, Louisville, Nashville, Raleigh, Richmond, Sacramento, Stockton, Tucson and right here in Milwaukee can now enjoy unlimited same day delivery.
Published March 18, 2016
Milwaukee's changing. You could argue it's changed for the better and a bit of the worse over the past 20 years. While the good and some of the bad may be at odds, that's OK if our challenges are being addressed and tackled with vigor and creativity.
Published Feb. 19, 2016
To help in the fight for a cure for breast cancer, I'm sporting a pink wig and fashioning myself as a "Big Wig." Sure, I shaved my head many moons ago and have no need hair. Yet, my Emo Philips-inspired wig is means serious business and I'm asking that you help me raise important funds.
Published Feb. 5, 2016
The new Shorewood Metro Market, 4075 N. Oakland Ave., opens Feb. 16, less than a year after the company bulldozed its old Pick 'N Save location that stood just north of the new building.