Fosun International seeks more real estate acquisitions in US after Chase Manhattan tower purchase
Chinese billionaire Guo Guangchang is seeking to expand his company's US commercial real estate investments after the acquisition of New York's 1 Chase Manhattan Plaza. Guo is the chairman of Shanghai's Fosun International Ltd.
According to a report by Bloomberg, Fosun is interested in buying more properties in New York as well as in other gate way cities such as San Francisco. Guo in an interview said that Fosun is eyeing apartments and hotels as well as offices.
Fosun bought the 2.2 million-square-foot Chase Manhattan tower from investment bank JPMorgan Chase & Co. for $725 million. It is the biggest purchase of a New York building ever by a Chinese company, the report said.
Fosun's takeover of 1 Chase Manhattan Plaza also capped a year in which Chinese investors made some of the New York City's most high-profile real estate deals, Bloomberg said.
Zhang Xin, the billionaire co-founder of Soho China Ltd., purchased a stake in midtown Manhattan's General Motors Building. Shanghai-based, state-owned developer Greenland Holding Group Co. agreed to take a 70% stake in a residential and commercial project in Brooklyn, the report said.