Why a Minor-League Chinese Insurer Is Buying the Waldorf

Entering New York's Waldorf Astoria Hotel Photograph by Spencer Platt/Getty Images

Chinese investors, who have been pouring money into New York real estate, have finally nailed their trophy property. Over the past year conglomerate Fosun International paid $725 million for a downtown Manhattan office tower , and Shanghai-based Greenland Hong Kong Holdings bought control of the Atlantic Yards project in Brooklyn (albeit without the Barclays Center). Now a China-based company has sealed the type of Japanese-buying-Rockefeller-Center deal that signals the country’s arrival.

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