SAN JOSE (KCBS) — A non-profit organization has been formed in San Jose to promote investment from China. The group’s goal is to stimulate the economy and increase jobs.

San Jose was selected because of Chinese interest in Silicon Valley. Stephanie Shoo Xu, co-president of China Silicon Valley, explained the area’s prestige.

“Silicon Valley is the hub of high-tech innovation center. When you mention Silicon Valley, it’s a well-known, prestigious name in China. Pretty much everyone knows about this name,” she said.

Kim Walesh, director of economic development for the City of San Jose, said billions of dollars are in the pipeline.

“The predictions are that $10 to $60 billion of Chinese investment is going to flow to California over the next 10 years. This will help us attract Chinese companies and investment to Silicon Valley to create jobs and fill empty space and get even more development projects going,” Walesh said.

Councilman Kansan Chu said there are a lot of investment opportunities in his North San Jose District.

“The North San Jose Neighborhood [planned it] that probably 10 square miles of the industrial land to the future epicenter of Silicon Valley. We’re targeted at 32,000 units of housing, 26.7 million square feet of industrial space, plus 1.7 million of commercial space. There’s a lot of growth opportunity there,” he said.

Councilman Sam Liccardo said where he thinks the money is going.

“We’re seeing a lot of capital invested in real estate projects for new construction and renovation. We’re seeing companies that are acquiring other companies that help position them strategically,” Liccardo said.

China Silicon Valley is opening offices in Shanghai and Beijing.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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