Posted: June 16, 2014 Filed under: China, Economics | Tags: CBRE Group, China, Great Recession, Los Angeles, Los Angeles International Airport, Pacific Links International, San Gabriel Valley
For the Los Angeles Times, E. Scott Reckard reports: 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. “They only recently came forward and started buying. They do love golf, so it makes sense.”
The influx is restoring the fortunes of some unprofitable clubs such as Dove Canyon, where Pacific Links has committed $6.2 million to refurbishments after buying the property last year.
The investments also mark the third wave of golf course purchases by Asian investors. Unlike the Japanese and the South Koreans before them, the Chinese are buying at the bottom of the market. But they are entering an overbuilt industry that has suffered from declining American interest in golf since well before the Great Recession drove many courses into bankruptcy.
The purchases of U.S. golf courses follow a long series of investments by wealthy Chinese in other areas — such as Gov. Jerry Brown’s pet housing project in Oakland and the AMC Theatres chain. Chinese investors also have purchased Sheraton hotels in Universal City and at Los Angeles International Airport and helped ignite such red-hot California housing markets as Arcadia and Irvine.
Major Chinese investments in U.S. businesses doubled to $14 billion last year — and added $8 billion more in the first three months this year, according to Rhodium Group, a New York economic consulting firm. Read the rest of this entry »
Posted: November 23, 2013 Filed under: Breaking News, U.S. News | Tags: Airport terminal, Friday, Los Angeles, Los Angeles International Airport, Mark Guardado, Terminal 4, Traffic collision, Transportation Security Administration
A vehicle crash and reports of a man with a gun cause panic at the L.A. airport Friday night
Robin Webb and Melanie Eversley report: A car crash just outside Terminal 5 at Los Angeles International Airport and an anonymous call reporting a man with a gun in Terminal 4 incited panic Friday evening and triggered a large police response.
LAX spokeswoman Nancy Castles said the vehicle crash outside Terminal 5 Friday night caused passengers to report gunfire.
“Apparently there was a very loud crash. People inside the terminal did not know what was happening. Some people panicked and they self-evacuated from the terminal,” reported KCAL9’s Derek Bell.
A woman driving on the airport’s arrivals loop at about 7:30 p.m. lost control of her SUV, hitting another woman who was walking on a sidewalk before slamming into a parking garage across the roadway from Terminal 5, Los Angeles police Sgt. Mark Guardado said.
WZZM 13 tweeted that the car accident sounded like shots fired.
Read the rest of this entry »
Posted: November 1, 2013 Filed under: Breaking News, Crime & Corruption, U.S. News | Tags: Brooke Baldwin, CNN, LAX, Los Angeles, Los Angeles International Airport, Los Angeles Police Department, Transportation Security Administration, Virgin America
Daly had been waiting in the first-class lounge for Virgin America at LAX when gunfire broke out. Following the shooting, he spoke to CNN’s Brooke Baldwin from a tunnel on his way to baggage claim.
Posted: September 18, 2013 Filed under: Crime & Corruption, Think Tank, U.S. News | Tags: Fort Hood, Government Accountability Office, Los Angeles, Los Angeles International Airport, Marsha Blackburn, Transportation Security Administration, TSA, Washington Navy Yard
Michelle Malkin writes: Forget gun control. America needs government control. Have you noticed the common thread among several mass killings and homeland security incidents lately?
Time and again, it’s the control freaks in Washington who have fallen down on their jobs, allowing crazies, creeps and criminals to roam free and wreak havoc while ignoring rampant red flags. Let’s review:
Washington Navy Yard shooter Aaron Alexis: Despite gun-grabbing Democrats’ best efforts to blame a nonexistent “AR-15″ for this week’s horrific Navy Yard massacre, the truth is seeping out about shooter Aaron Alexis. The 34-year-old Navy veteran had been treated since August by the Veterans Administration for a host of mental problems that plagued him for up to a decade. Read the rest of this entry »