China may hold the key to downtown's fortunes.

The city is pulling out all the stops to woo a major Chinese firm interested in leasing up to 1 million square feet in 7 World Trade Center.

It was confirmed this week that Beijing Vantone Real Estate Co., Ltd. has toured the 1.7 million square feet tower, the first to be completed by developer, Larry Silverstein, as part of the Ground Zero rebuilding effort.

A delegation from the Office of the Mayor has also been to China to meet with the company's CEO as well as senior Chinese government officials.

"The EDC (Economic Development Corporation) has met with Vantone several times," confirmed Josh Sirefmann, chief of staff to Deputy Mayor Dan Doctoroff, who was among a group led by EDC president Andrew Alper that visited China to "express support" for the company's desire to set up shop in New York City.

A real estate heavyweight in the Far East, Vantone is looking to be the gatekeeper for Asian firms into Manhattan's downtown. The firm has long been reportedly prowling around for large blocks of space, a search that has brought it to the doorstep of Silverstein's 7 WTC and, potentially, even the Freedom Tower

"We believe it would be a great project for downtown and have en couraged them [to look at the Ground Zero redevelopment site], but it is still early as they are developing their project and are still doing their homework," added Sirefmann

REW first reported the Chinese interested in Ground Zero in February when speculation was high that they could anchor the Freedom Tower.

In May, following a trip to China for the Fortune Global Business Forum, Kathryn Wylde, president of the Partnership for New York, said the city was "clearly the front runner as the destination western headquarters city for Chinese companies that are entering global markets."

She also confirmed that Jones Lang LaSalle had been selected by Vantone to help determine the feasibility of establishing an office center in Lower Manhattan. Vantone, one of China's biggest real estate investment companies, would be interested in leasing the 7WTC space and subletting to other Chinese firms looking to establish a foothold in the US.

A person familiar with the matter indicated that Vantone's as yet undisclosed timeline for a deal would be a major factor in which building the firm may choose. 7 WTC will be open and ready in the first quarter of 2006 while Freedom Tower is scheduled for completion in 2011.

That's if a deal gets done at all.

Vantone would be the first Chinese firm to engage in this type of a transaction, a fact that the source said "inspired some trepidation and hesitancy" in the firm.

The downside of a leasehold transaction, in which a tenant sublets space for profit, is that it dilutes the landlord's control over tenancy and consequently, the building's identity.

But with 1.7 million s/f in 7 World Trade Center and plans for millions more at the Ground Zero site, Silverstein "will take what he can get" the source said.

To date, 7WTC has failed to attract a major tenant with only American Express Financial Services signed up for 20,000 s/f.

Sirefmann said the China outreach was part of a larger strategy to attract international business to the city.

"We are making sure we are doing all we can to attract international business," he said.

"We want to make sure we are well connected with the global economy, and that includes not only China, but places like India and Brazil."