MOUNT PLEASANT - A Chinese company has made its first North American land purchase here for a future project yet to be determined.

Racine County Economic Development Corp. helped the China SINB Group, which had sought land in southeastern Wisconsin, find 54 acres along Highway 11, just east of the railroad tracks.

SINB bought the farmland, which was in foreclosure, from M&I Bank for $850,000 and closed on the deal Wednesday, said RCEDC Deputy Director Jenny Trick.

"This is a huge deal," she said Friday. Instead of American money flowing to China, in this case Chinese investment will come to Mount Pleasant and create U.S. jobs.

In addition, Trick said, in Chinese culture, word tends to spread. "It opens the door" to other possible Chinese investment, she said of the purchase.

"This foreign investment helps put us on the map and on the radar that it's a welcoming community," Trick added.

SINB is a diversified holding company comprised of several units including heavy steel industry, heavy equipment manufacturing, property development, deep-water port development, international trade and financial investment. Specific plans for the site have not yet been determined, Trick said. However, it could provide a base for SINB's business units in North

America.

Alternatively, the Chinese company is considering developing the site as a business park.

Trick said RCEDC, together with Mount Pleasant staff, were contacted for help several months ago by SINB's local agent, LGO Global Sourcing. LGO, located in the Racine Business Center, 1405 16th St., is an international agent that helps customers locate cast and forged products, ferrous and nonferrous materials, stampings, wood products and hardware. RCEDC helped the Chinese company find an appropriate site.

The land is now zoned agricultural, but Mount Pleasant officials have assured the buyer that will be changed as needed.

"The Village is thrilled to welcome SINB to Wisconsin and Mount Pleasant, and we are anxious to work with them on their development plans proposed for 2010," Mount Pleasant Village

Administrator Mike Andreasen said in a news

release.

RCEDC said the company's president and board chairman, Wanming Chi, plans to buy a home and establish a personal presence in Racine County.

Trick added that the SINB project is a part of RCEDC's strategic business growth programs. "We are seeing a growing interest by Chinese investors in the marketplace that we hope will lead to alliances that will create new jobs in Racine

County."

SINB joins several existing foreign-owned companies in this county including Putzmeister America Inc. (Germany), Cordstrap USA Inc. (The Netherlands), Leman USA Inc. (Denmark) and Poclain Hydraulics Inc. (France), as well as many others.

For more information about the SINB Group North American investment, contact Trick at (262) 898-7424.