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Chinese investors buying up US golf courses
latimes.com
Eight years ago, Du Sha cashed out his chain of home-improvement centers — the first superstores of their kind in China — with a sale to Home Depot for $100 million. Today, with a net worth of more than $600 million, the former economics professor has taken up the conventional pastime for those with money and time: golf. Du has bigger plans than reducing his handicap. Teaming with a Canadian golf executive, he has bankrolled Pacific Links International, which now owns 10 high-end U.S. courses, including the $20-million Dove Canyon Golf Club, in a private community abutting the Cleveland National Forest in south Orange County. Du and other wealthy Chinese investors are quickly adding golf courses to their growing portfolios of U.S. holdings. In the last year, Chinese investors have bought prime properties including the 2,000-acre Sea Trail Golf Resort, built around three Sunset Beach, N.C., courses, along with smaller ones, such as Rancho Duarte Golf Club, a nine-hole, par-31 course built on a former dump in the San Gabriel Valley. "We're seeing a lot of tires getting kicked by the Chinese," said broker Jeffrey Woolson in Carlsbad, managing director for golf and resorts at real estate services giant CBRE Group Inc.to read more: latimes.com
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