China’s Fosun to Buy NY’s Chase Manhattan Plaza

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Oct. 21 (Bloomberg) –- Bloomberg’s Stephen Engle reports on Shanghai’s Fosun buying the Chase Manhattan Plaza for $725M, the largest building purchase in New York City by a Chinese company. He speaks to Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)

What is -- what is -- what is behind all this?

They are looking for better returns or better opportunities in getting their money out of china.

Largest purchase of a new york building by a chinese higher.

Agreeing to buy this 60 story one chase manhattan plasma in lower than manhattan for $725 million.

Collier international hong kong saying there is a lot of excess capital in china -- by investing in markets like new york city, they believe perhaps they can gain from a recovery of the u.s. economy and the u.s. property market rebound as well.

Not surprising no caps off says china read all -- leave all companies with $1.7 billion worth of at his death worth of acquisitions, not including this deal that would propel the figure of $2 billion for the year.

This deal as to other deals in new york city, such as the group that includes the billionaire cofounder of china, the largest developed -- developer here.

John bought a stake in midtown manhattan's general motors building.

I command some of the highest in the united states.

Greenland holding group in shanghai, building some of the tallest skyscrapers in china.

Buying a seven percent stake in brooklyn's, atlantic yards.

One footnote, jpmorgan plans to relocate for thousand of its employees to other new york locations following this purchase.

They occupy about half of the space right now in a building built in 1961. in case you care a competing bid was under $700 million from rx

This text has been automatically generated. It may not be 100% accurate.

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