JPMorgan sells Chase Manhattan Plaza

For Sale Sign

JPMorgan has agreed to sell 1 Chase Manhattan Plaza, the tower built by David Rockefeller, to Fosun International, the investment arm of China’s biggest closely held industrial group, for $725m.

Bloomberg reports that Fosun, which invests in properties, pharmaceuticals and steel, is buying the 60-story, 2.2m square-foot, lower Manhattan tower, according to a statement it filed to Hong Kong’s stock exchange.

China’s developers and companies are expanding in overseas property markets as the government maintains curbs on housing at home to cool prices. Greenland Holding Group, a Shanghai-based, state-owned developer, this month agreed to buy a 70% stake in a residential and commercial real estate project in Brooklyn.

'There’s a lot of excess capital in China that needs a way out at the moment', Simon Lo, Hong Kong-based executive director for Asia research and advisory at property broker Colliers International, said in a phone interview Friday. 'Also, by investing in markets like New York, they believe they can gain from the recovery of the U.S. economy and real estate market'.

To access the complete Bloomberg article hit the link below:

JPMorgan Sells Chase Manhattan Plaza in NYC to China's Fosun

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