Jackson Building Materials to get $2.4 billion from China
The company plans to spend $2 billion in China to build the $2 million Jackson building, the largest apartment complex in the United States, and is eyeing more than $5 billion to expand the complex.
The deal will be completed by the end of 2018, and the company is expected to receive a $1.8 billion loan guarantee from the federal government, the company said on Thursday.
The Jackson complex will house 2,000 apartments, according to the company.
The company said the new deal with the Chinese government will support the construction of the Jackson project and help to “continue the successful development of the American manufacturing sector in China.”
It said the deal will create 3,000 jobs.
Jackson, which also builds buildings in New York and Los Angeles, will be the largest U.S. construction company, with offices in New Jersey, Massachusetts, Connecticut and Pennsylvania.