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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJPMorgan Sells Chase Manhattan Plaza in NYC to China’s Fosun
JPMorgan Chase & Co. (JPM) has agreed to sell 1 Chase Manhattan Plaza, the tower built by David Rockefeller, to Fosun International Ltd., the investment arm of Chinas biggest closely held industrial group, for $725 million.
Fosun, which invests in properties, pharmaceuticals and steel, is buying the 60-story, 2.2 million square-foot, lower Manhattan tower, according to a statement it filed to Hong Kongs stock exchange.
Chinas developers and companies are expanding in overseas property markets as the government maintains curbs on housing at home to cool prices. Greenland Holding Group Co., a Shanghai-based, state-owned developer, this month agreed to buy a 70 percent stake in a residential and commercial real estate project in Brooklyn.
Theres a lot of excess capital in China that needs a way out at the moment, Simon Lo, Hong Kong-based executive director for Asia research and advisory at property broker Colliers International, said in a phone interview today. Also, by investing in markets like New York, they believe they can gain from the recovery of the U.S. economy and real estate market.
Fosun (656), owned by Chinese billionaire Guo Guangchang, fell 0.3 percent to HK$6.79 at the midday trading break in Hong Kong. Shares in the Shanghai-based company have gained 37 percent this year, compared with the 2.6 percent increase in the benchmark Hang Seng Index.
Fosun, which invests in properties, pharmaceuticals and steel, is buying the 60-story, 2.2 million square-foot, lower Manhattan tower, according to a statement it filed to Hong Kongs stock exchange.
Chinas developers and companies are expanding in overseas property markets as the government maintains curbs on housing at home to cool prices. Greenland Holding Group Co., a Shanghai-based, state-owned developer, this month agreed to buy a 70 percent stake in a residential and commercial real estate project in Brooklyn.
Theres a lot of excess capital in China that needs a way out at the moment, Simon Lo, Hong Kong-based executive director for Asia research and advisory at property broker Colliers International, said in a phone interview today. Also, by investing in markets like New York, they believe they can gain from the recovery of the U.S. economy and real estate market.
Fosun (656), owned by Chinese billionaire Guo Guangchang, fell 0.3 percent to HK$6.79 at the midday trading break in Hong Kong. Shares in the Shanghai-based company have gained 37 percent this year, compared with the 2.6 percent increase in the benchmark Hang Seng Index.
http://www.bloomberg.com/news/2013-10-18/jpmorgan-selling-chase-manhattan-plaza-in-nyc-to-china-s-fosun.html
Two questions:
1. Do the Chinese have access to the New York Federal Reserve Bank's vaults via the long rumored tunnel under the street?
2. Does the really large, ugly sculpture in the Plaza go with the building?
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JPMorgan Sells Chase Manhattan Plaza in NYC to China’s Fosun (Original Post)
FarCenter
Oct 2013
OP
Blue_Tires
(55,445 posts)1. At least now China can trade the building straight-up for Robinson Cano
GeorgeGist
(25,321 posts)2. I'm old enough to remember when Nixon opened the door to China.
They appear to be beating US at it's own game.
FarCenter
(19,429 posts)3. It was the headquarters of the old Chase Manhattan Bank
The main JP Morgan Chase buildings in New York are in midtown. They are the former headquarters of Manufacturers Hanover, Chemical Bank, and Bear Stearns.
JPMC is mostly out of downtown Manhattan real estate near Wall Street. A lot of US operations are not in New York City any more.