Shanghai-based Fosun International have agreed on a deal to buy the Chase Manhattan Plaza for US$725 million, the largest purchase of a New York City building by a Chinese investor.
Chinese buyers are constantly expanding their American investments and have now targeted New York.
Earlier this year, a group including Zhang Xin, the billionaire co-founder of Soho China, bought a stake in midtown Manhattan’s General Motors Building. Greenland, a Chinese state-owned developer, also agreed to buy a 70% share of Atlantic Yards, a residential and commercial project in Brooklyn, New York.
China leads all foreign countries in New York property investment this year, with US$1.37 billion in acquisitions outstanding before purchasing the Chase Manhattan Plaza site.
[Image via: Wikipedia]