NEW YORK CITY-If recent transactions for trophy properties in Manhattan did not give it away already; Chinese investors are now active players in a host of major US real estate deals.
Recently, Zhang Xin, Chinese businessman and chief executive of the largest commercial real estate developer in Beijing, joined forces with the Safra family of Brazil to buy a large piece of the General Motors Building in Midtown Manhattan. In addition, Chinese development firm the Dalian Wanda Group has stated it intends to build a luxury hotel in Manhattan.
In addition to their investments in US commercial real estate, the New York Times reports that Chinese and Hong Kong investors have become the second-largest foreign buyers of United States homes.
“They're just getting started,” says Steve Collins, the international director at Jones Lang LaSalle Capital. “There's just been some incredible wealth creation there.” See story in the New York Times.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
