RENO, Nev. (KRNV & MyNews4.com) -- Beijing, China based Xinyuan Real Estate Co. Ltd. purchased a portfolio of 325 finished lots and 185 acres of raw land across northern Nevada for $7.4 million, according to Lou Berrego of West Haven Development Group.
The properties, which had been owned by Wells Fargo Bank, extend from Wingfield Springs to Washoe Valley to Gardnerville, Berrego says.
The deal was closed in May 2012 and was the first U.S. market property purchase the company has ever made.
The company, along with Lou Berrego, looked at over 100 properties across the United States, including properties in Miami, Chicago, Orange County and New York. The first deal picked was the Reno area properties.
Since their first U.S. land transaction in May, they have bought additional properties in Orange County and New York.