Shame on us!!!

By Ilya Galak

“Money and corruption are ruining the land, crooked politicians betray the working man, pocketing the profits and treating us like sheep, and we’re tired of hearing promises that we know they’ll never keep” – Ray Davies

“Crony capitalism is an outsourcing of American jobs plus walmartization of the whole country” – I.G.

Staten Island, NY

Has anybody noticed the name of the company renovating the Staten Island Expressway? It is CCA otherwise know as China Construction of America. I’s ownership trail leads right back to the Chinese government and they have civil works contracts around the country (including federal buildings?). Shame on us!!!

In 2001, the company had to move its headquarters from the World Trade Center to Jersey City after the Sept 11, 2001, terrorist attacks. But 2001 was also a turning point for the American subsidiary’s business in the US. It won its first public works contract in the nation to build the Santee High School and Technology Center in South Carolina, after shifting its focus and becoming a general contractor. Since then, it has completed about 100 projects all over the US and is currently undertaking about 10 projects in New York, South Carolina, Washington DC and the Bahamas. After all this time, China Construction America has gradually established its reputation and is no longer a newcomer to the US construction market. In New York State alone, it won bids for projects including the renovation of the Alexander Hamilton Bridge (between Manhattan and the Bronx), construction of the ventilation shafts for the No 7 Subway line extension in New York (a $57 million deal), and the Yankee Stadium Station. The list just goes on.

Source: CLICK HERE

SIExp

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Brooklyn, NY

Forest City Ratner to sell 70% stake in Atlantic Yards to Chinese government-owned developer; largest such deal with Chinese backing.

First, a Russian billionaire whose path to wealth was launched during the shady days of post-Soviet privatization bought 80% of the Nets and 45% of the Barclays Center operating company.  Now, after Forest City Ratner got one tower started, a government-owned property developer from China, Greenland Holdings Group, is buying 70% of the remaining 15 towers in the Atlantic Yards project, the largest commercial real estate deal ever for a Chinese company in the United States.  And the latter seems a solid deal for developer Forest City Ratner, since it will continue to gain development fees and manage the project, hedging its risks. It likely can accelerate construction, thus responding to widespread criticism for the slow delivery of promised affordable housing.  In both cases, the bottom line is: after Forest City did the heavy lifting to get subsidies, tax breaks, and regulatory approval, gaining what they call in the real estate development business “entitlement,” Atlantic Yards became a pure investment opportunity, and global capital knows no boundaries, neither ethical nor geographic.  And that means public assistance from New Yorkers is helping the Chinese government earn profits.

Source: CLICK HERE

atl yard

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