By Dow Jones Business News, October 17, 2013, 09:33:00 PM EDT
By Chao Deng
SHANGHAI--Chinese conglomerate Fosun International Ltd. (0656.HK) will buy office building One Chase Manhattan Plaza
for $725 million, adding to a growing list of property purchases by Chinese buyers in New York city.
The Hong Kong-listed firm said it will buy the property from JP Morgan Chase Bank, according to a release on the Hong
Kong Stock Exchange website.
Chinese firms, in particular local developers, have looked overseas to diversify their property holdings as the
economy at home slows. Chinese individuals also have been investing in property abroad amid tight policy measures in the
mainland residential market.
Earlier this month, Chinese state-owned developer Greenland Holdings Group agreed to buy a 70% stake in an apartment
project next to the Barclays Center in Brooklyn, N.Y., in what is the largest commercial-real-estate development in the
U.S. to get direct backing from a Chinese firm. The project is expected to cost more than $5 million, according to
The family of Zhang Xin, chief executive of developer Soho China Ltd. (0410.HK), was part of a group that bought a 40%
stake in the General Motors building, which is also in New York.
Fosun, while publicly listed, is considered China's largest private conglomerate, with about $28 billion in assets.
The company was set up in 1992 by four founders, including Chairman Guo Guangchang and Chief Executive Liang Xinjun.
The firm is partnering with hotel operator Kerzner International Holdings Ltd. to build a $1.5 billion Atlantis resort
on Hainan Island in the South China Sea. It also made an offer to buy French resort chain Club Mediterranee SA (CU.FR)
for $729 million, part of a plan to help European brands expand in China.
The 60-story One Chase Manhattan Plaza, in Manhattan's financial district, was previously the global headquarters for
Chase Manhattan Bank.
Write to Chao Deng at firstname.lastname@example.org
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