SOHO China CEO Zhang Xin led property developer consortium last Friday acquired 40% stake of General Building in New York with a deal of $ 700 million. It is by far the largest single investment in the U.S. real estate market by Chinese investors.
According to reports, the developer consortium including Zhang Xin family, Brazil Safra family agreed to pay more than 700 million U.S. dollars to the Middle East sovereign wealth funds in cash to acquire 40% stake of the General Building. The remaining 60% stake will still held by Boston Properties. This also pushed the 50 layers high, midtown Manhattan General Building’s value to $ 3.4 billion.
Source: Tencent Finance