Why the Chinese Want a Slice of NY
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Angbang Insurance Group Co. shelled out $2B for the Waldorf-Astoria, Soho China spent $700M for a 40% stake in the GM Building, and Fosun International dropped $725M on One Chase Manhattan Plaza. New York is becoming a hot commodity for Chinese investors. In fact, the Chinese spent more than $3B on New York real estate last year, up 43% from 2013, reports The Real Deal.
They call Manhattan commercial real estate “safe heaven,” Xin Hua Net News reports, saying Chinese companies are drawn to its potential for safe returns, especially as a recovering economy means higher rents in major US markets. And as the dollar rises, and the Chinese continue to look for ways to diversify, they’ll keep looking to what many consider the world’s largest and most stable market.