Jiang Zhaobai, a real estate mogul and chairman of Shanghai-based PengXin Group, is looking to purchase minority interests in technology companies throughout Washington. Zhaobai, who is planning a visit to Seattle in September, would then help those companies enter the Chinese market.

"One of our highest priorities is to attract more of the this kind of foreign investment from China, that will add value, jobs and wealth to this region, as opposed to companies that buy technology and customer lists, and move back to China," Joe Borich, executive director of the Washington State China Relations Council, told the Pudget Sound Business Journal.

Zhaobai is particularly hoping to invest in green energy, mobile telecommunications, medical devices and environmental technologies in Washington state and the San Diego area.

Sierra Asia Partners Lt. is helping Zhaobai in his efforts. The consulting group, which helps American companies operate in China, recently opened an office Seattle. It also has offices in Shanghai, Beijing, Seattle and San Francisco.

One reason state officials are being so supportive of Zhaobai's interest is because he's planning to invest in Washington companies instead of completely taking them over. Essentially, this would mean Zhaobai would make a strong effort to protect the intellectual property of those companies once they expand into the Chinese market.

"If he was just going to buy their IP and take it over to China, I don't think that would represent a high priority for us to facilitate that," Rogers Weed, director of the Washington State Department of Commerce, said. "If he wants his investments to succeed, he's going to have to have a model of intellectual protection his companies will be comfortable with."