Polygon Homes is proposing to rezone a site at Mountain Highway and 27th in the Lynn Valley Town Centre area for a 108-unit residential complex consisting of two apartment buildings, one of 4 storeys in height and the second, 5 storeys in height. The overall density is 1.96 FAR (before road dedication) which is in keeping with the Official Community Plan.

The site includes 7 lots currently zoned RM2 and RM3. Polygon is proposing a residential complex that will consist of two buildings connected with a central lobby area. The total number of residential units will be 108 units and will include: 9 one bedroom units, 83 two bedroom units in a mix of styles and sizes, and 16 three bedroom units.

A Chinese company listed on the New York Stock Exchange is beginning to develop residential property in the U.S., hoping to tap into the hot demand among Chinese investors for U.S. apartments.

Xinyuan Real Estate Co. purchased a site last month in Williamsburg, in the New York City borough of Brooklyn, for its first development in the U.S., a 216-unit condominium building. The company also is scouting for other U.S. projects, planning to sell about 40% of the units it builds to Chinese investors.

Chinese developers of apartment buildings have an edge over U.S. developers when it comes to reaching potential buyers in China, says Omer Ozden, an adviser to Xinyuan and other Chinese investors in the market for U.S. real estate. “If right out of the gate you can get 40% the building sold to mainland Chinese, it’s going to be a successful project.”

Read more at the Wall Street Journal.