Throughout the last few years, China-based companies have made increasing investments into New York real estate as both equity investors and for their own developments. Here are some of the most prominent purchases.
The Shanghai-based Greenland Holding Corp. paid Forest City $200 million for a 70 percent stake in the residential portion of Atlantic Yards which was then rebranded as Pacific Park.
Cheerland Investments paid $128 million for the former United Charities office building at 287 Park Ave. South that they will convert to residential.
China Vanke has invested in the Hines and RFR Holdings condo tower now rising at 610 Lexington Ave. As this is near RFR’s Seagram Building on Park Ave., the new project uses air rights from that landmarked office building. Led by Yu Liang, China Vanke is the largest Chinese homebuilder.
In Hudson Yards, Kuafu Properties in a venture with Siras Development has purchased five lots at 462-470 11th Ave. to build a 380,000-square-foot mixed-use project. Designed by Archilier Architecture, plans call for high-end condos, a hotel, office and retail and a three-story Shanghai Club.
Last year, Fosun International paid $725 million for the office building at One Chase Manhattan Plaza. The largest Chinese conglomerate is led by Chairman Guo Guangchang. The building has a vacancy of 1 million square feet that is being leased through JLL and was rebranded 28 Liberty.
The heads of Chinese office developer, SOHO China, Pan Shiyi and his wife Zhang Xin, made a personal family investment in the GM Building at 767 Fifth Ave. along with the late Brazilian investor, Moise Safra, to buy a 40 percent interest from Kuwait and Qatar investment firms. Boston Properties owns the controlling interest.
The Bank of China had been negotiating to become a tenant at the upcoming 7 Bryant Park being developed by Hines and JP Morgan Chase on land owned by Pacolet Milliken. Instead, the bank has agreed to purchase the tower for roughly $600 million.
An arm of a Chinese housing developer is going it alone at the new construction condominium, the Oosten, at 429 Kent Ave. in Brooklyn. This is being developed by Xin Development Group International, whose parent, Xinyuan Real Estate, is led by chairman and CEO Yong Zhang.
