Deals
GM Building Stake Said to Sell to Zhang, Safra Families
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The families of Chinese real estate developer Zhang Xin and Brazil’s Safra banking empire bought a 40 percent stake in New York’s General Motors Building for about $1.4 billion, a person with knowledge of the deal said.
Zhang is the billionaire founder and chief executive officer of Soho China Ltd., the biggest developer in Beijing’s central business district. Her family and M. Safra & Co., the New York-based investment firm of the Safra family, bought the stake through an entity called Sungate Trust, said the person, who asked not to be named because the details are private.