The Real Deal New York

Manhattan top recipient of Chinese commercial investment in U.S.

Outer boroughs, Los Angeles are next-biggest area for purchases
April 01, 2014 02:15PM

Investors from the world’s most populous nation poured more money into commercial properties in Manhattan and other New York City boroughs than any other American market, according to commercial real estate research firm Real Capital Analytics.

In total, Chinese commercial investments nationwide jumped from $335.3 million in 2012 to almost $3 billion last year, according to Real Capital — and those numbers exclude the total value of projects like Atlantic Yards, whose development span several years. The influx comes as Chinese builders gravitate toward American cities’ relatively stable and predictable population growth, and as China’s government loosens restrictions on direct investment overseas, according to Bloomberg.

One of China’s biggest investors in U.S. real estate is the state-owned Greenland Holding Group, which at the end of last year to pay $200 million for a 70 percent stake in development firm Forest City Ratner’s Atlantic Yards, as previously reported. Meanwhile, another Chinese developer, China Vanke, is teaming up with New York City developer Aby Rosen to deliver a 61-story luxury condo building at 610 Lexington Avenue next to Rosen’s Seagram Building. [Bloomberg]Angela Hunt

  • we have enough problems

    Do we want that?

    It’s a baobab, right?

    How they have conducted themselves indicates that once it is safe to emerge with their ill gotten gains in their new home, we are going to see those character flaws regardless of their superior education and lifestyle due to their ill gotten gains. Being super rich and callous to who they deprived to get super rich is NOT the makings of good parents and not good immigrants who will drink the American Kool-Aid.

    And then the same corruption that echoes in immigrants will be on a larger more powerful scale. What may happened to Sunny Shue will be something much bigger – maybe a real estate scam or something:

    That forgery and mortgage fraud sounds very old school Asian. What happens after one generation with more money than anyone else with a new generation equipped with law degrees and real estate connections in this city?

    Maybe we should restrict what’s left of the EB5 visas to hotel development and some kind of fund to replace the underground pipes so that they don’t become carpetbaggers monopolizing entire city blocks. That IS why China implemented their policy where homeowners get a 99 year lease not land so foreign carpetbaggers can’t have an advantage over the locals.

    It won’t matter how many of them attend Catholic School. It is NOT about being able to pound the Bible and hold it over other people. I have a tenant who does that and she has done some things to us that are in no way Christian.

    You can’t make good bread out of dirty ingredients.

    • beware of aristocrats

      Ever notice that America’s quiet well-behaved foundation minorities came from unfancy places like County Cork, Sicily, The Azores and Toisan China?

      I don’t understand why China and America don’t have an extradition treaty. What are we waiting for? It doesn’t mean that America can’t hose them for their assets before shipping them back but it is CRAZY to see with your own eyes who is not getting fed, who is not getting medical care and embezzle that money anyway and abscond for the high life in the West. It is mentally SICK to do that.

      • Send them back

        This is no different than what Glencore did to Zambia. When they shortchange the locals on wages, let it be known that they are denying healthcare in the present as well as the creation of medical professionals in the future because the Zambians can’t afford to get treated for their illnesses and they can’t afford to send their kids to school.

        You want to hunt the embezzlers, look hard at the foreign investment firms. There is no way First World Money is parked stupidly with Third World START-UPS – no way – especially not in Mongolia. They could have made money by buying shares in some awesome American or Israeli tech company.

        Zheng Bijian was RIGHT about the history of those who colonize and those who are colonized:

        The makeup of New York’s immigrant population is predominantly the VICTIM countries of corruption. Are we to live side by side with the ones who got away with it?

        China wants them back. So why not?