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Chinese developer takes stake in GM Building

By Juwai, 03 June 2013
Chinese GM Building

Chinese real estate tycoon Zhang Xin and a scion of the Brazilian banking magnate Safra have paid over US$1 billion for a 40% stake in the General Motors Building.

The deal values the landmark Manhattan property at US$3.4 billion, likely making it the most valuable office building in the US.

The latest sign of how foreign investors are fuelling a US commercial real estate market recovery, this sale also marks one of the largest US real estate deals by an individual Chinese investor.

Ms. Zhang is chief executive of Soho China, the largest developer of top office properties in Beijing and Shanghai.

Read more on The Wall Street Journal.

 

 

[Image source: GM Building by Michele Ursino on Flickr.com]