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Chinese investors eye Chicago Spire

By Yu Tung (China Daily)
Updated: 2008-04-23 17:44

Some Chinese residents may soon be a little closer to reaching the heavens in Chicago, Illinois.

A promotions team for The Chicago Spire - set to become the tallest residential building in the world when it is completed in 2011 - arrived on the Chinese mainland for the first time this week on the first leg of its global showcase.

"It is the first time a building of this magnitude has been presented internationally," said Ivan Bowen Murphy, international president of the edifice's Irish developer, Shelbourne Development Group. "It's got that global appeal."

"We want to sell our units globally."

"It's been in conjunction with the type of interest around the world."

"Chicago is a lifestyle choice - there are global communities in Chicago and we wanted to go to people that have those interests."

The international roadshow for the Chicago Spire began in January.

Shanghai and Beijing are the fourth and fifth Asian destinations on the global tour, which also included Singapore, Malaysia and Hong Kong.

Japan and South Korea will round out the Asian circuit.

Other stops are planned for Europe, Africa, India and South America.

"The Chicago Spire is a world-class residential icon that will stand the test of time," said Randall Hall, chief executive officer of Savills China, the project's international marketing agency.

"We are confident that it will attract the most astute of investors from all over the world."

"China has an enormous and rapidly increasing number of master entrepreneurs seeking investments that not only perform, but are also, a work of art," said Hall.

So far, the shows have been well received by potential buyers, says Murphy.

"We've been selling well and selling every day," he said. "We have a target number per quarter, and we've been exceeding that number."

Murphy, however, did not disclose sales figures, saying the company will wait until the first-half of the road show wraps up this summer.

The highly anticipated Chicago Spire will glisten 150 stories (609.6 m) in what will be the highest elevator ride in the world.