Shenzhen-based property developer China Vanke said Wednesday it will team with U.S. developers RFR Holding and Hines on a residential tower in New York City, as part of its drive to expand abroad.

 

Financial terms weren't disclosed.

 

The project is Vanke's second investment in the U.S., after it teamed up with Tishman Speyer early last year in another project in San Francisco.

 

Vanke will jointly develop 610 Lexington Avenue, a 61-story high-end condominium project located in Midtown Manhattan, it said in a statement. The developers are targeting New York and international buyers, it said. The developers plan to start sales in the fall of 2015 and hand over the units starting 2017, Vanke added.

 

"Internationalization is Vanke's long-term strategy," said Yu Liang, Vanke's president in the statement. "The U.S. is a mature market, and it has a wealth of experience that Vanke can learn from," Mr. Yu added.

 

Compared with its earlier San Francisco project, Vanke will have a deeper participation in the management and operations of the Lexington Avenue project, the statement added. Last year, Vanke invested $175 million in the high-end condominium project in San Francisco.

 

Large Chinese property developers have been expanding overseas to tap demand from Chinese home buyers looking for an address abroad, as well as to diversify their income streams after the Chinese government imposed property-cooling measures to rein in speculation.

 

Vanke joins two other Chinese developers, Greenland Holding Group and Xinyuan Real Estate Co., in building projects in New York City. Mr. Yu said in August that Vanke was also interested in investing in Boston, partly because of its sizable Chinese community.

 

Vanke has also invested in projects in Singapore and Hong Kong.

 

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