Rendering of the 99 Hudson condominium tower (center) on the Jersey City waterfront, which when completed in 2019 will become New Jersey’s tallest building.The city’s current tallest building is the Goldman Sachs tower (foreground left). PROVIDED TO CHINA DAILY

The influence of Chinese investment on real estate, well documented in New York City, is drifting across the Hudson River to Jersey City, New Jersey.

China Overseas America Inc on Jan 28 broke ground for 99 Hudson, a 79-story, 900-foot condominium tower that will become the tallest building in New Jersey.

The building will surpass the 781-foot Goldman Sachs structure nearby at 30 Hudson Street and will contain 18,000 square feet of commercial and retail space and more than 600 parking spaces.

“We are proud to bring 99 Hudson to life and represent the high standard of excellence of China … and develop a marriage with the Jersey City community to create 2,000 construction jobs and business opportunities for the local establishments,” said Cindy Xu, president of China Overseas America Inc.

China Overseas America’s parent company is China Overseas Land & Investment Ltd, Hong Kong, which itself is a subsidiary of China State Construction Engineering Corp (CSCEC) in Beijing. CSCEC is listed on the Shanghai Stock Exchange and was ranked 37th among Fortune Global 500 companies in 2015 and tops on the Engineering News-Record’s Global Contractors list in 2014.

“We are committed and proud to have our project advance the great growth of Jersey City,” Xu said. “This building will literally have the best view in the world, as it’s going to have panoramic views of the Statue of Liberty, Ellis Island and the New York City skyline.”

“We think this area has a good value. … Pricewise, it is very competitive compared with Manhattan,” Xu told China Daily. Xu said that the company will consider future opportunities in Jersey City “if there are good chances”.

When asked if China Overseas will seek investment from the US EB-5 visa program, Xu said “we are studying it now, haven’t decided yet”.

The EB-5 program rewards foreign investors with green cards for investing from $500,000 to $1 million in US projects, and for creating and preserving American jobs.

The building is being designed by the multinational architecture firm Perkins Eastman, whose representatives, along with the mayor, members of the Jersey City Council and Planning Board, China Overseas America Inc and Plaza Construction attended the groundbreaking.