China's Fosun buying NY banking landmark for $725 million

Updated: 2013-10-19 05:15

By MICHAEL BARRIS in New York (chinadaily.com.cn)

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A company headed by a Chinese billionaire is paying $725 million for a banking landmark in New York City's financial district, the latest high-profile US real-estate deal by a Chinese business.

Fosun International – the investment firm controlled by Guo Guangchang – will acquire One Chase Manhattan Plaza, the company said Friday. The 60-story, 2.2 million square-foot office tower on a 2.5-acre plaza is the former world headquarters of Chase Manhattan Bank and a signature piece of the city's financial district.

In a statement announcing the acquisition, Shanghai-based Fosun called the property "one of the few high-end landmark office buildings in New York City".

The purchase is the latest acquisition by Chinese property developers looking abroad to diversify amid a slowing economy in China and tight policy measures aimed at cooling an overheated housing market in the country.

China's Fosun buying NY banking landmark for $725 million
One Chase Manhattan Plaza [File photo from Wikipedia]

Earlier this month, Shanghai-based Greenland Holdings Group agreed to buy a 70 percent interest in an apartment project potentially valued at more than $5 billion in the New York City borough of Brooklyn. In June a group led by Beijing real-estate tycoon Zhang Xin acquired a 40 percent stake in the most expensive US building – the General Motors office tower in midtown Manhattan. The stake purchase reportedly valued at $1.4 billion was seen by many observers as signaling the revitalization of the high-end New York property market after the US economic downturn.

Earlier this month, Shanghai-based Greenland Holdings Group agreed to buy a 70 percent interest in an apartment project potentially valued at more than $5 billion in the New York City borough of Brooklyn.

Built in 1961 with banker, philanthropist and Chase