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The family of Soho China real estate tycoon Pan Shiyi and his wife Zhang Xin is about to buy a 40 percent stake in the 1.8 million square foot General Motors building in Manhattan, Reuters says.
The sellers include the sovereign-wealth funds of Qatar and Kuwait, as well as an investor associated with the ruling family of Dubai, the report says. If completed, the deal would value the tower at $3.4 billion. Divesting Arabs and investing Chinese appear to be a trend. Last year, Abu Dhabi sold its remaining shares in Daimler. Now the Chinese sovereign wealth fund CIC owns some three percent in Daimler, and might get more.
13 Comments on “Chinese Company To Buy GM (Building)...”
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Why not, does China not own most of the USA Debt?
No they don’t. They have around 10% of the national debt. The UK and Japan are also “big” holders of the debt.
“Why not, does China not own most of the USA Debt?”
No, they don’t. China doesn’t even hold most of the foreign-held US debt. As of Dec 2012, China has $1.20 trillion, and Japan has $1.12 trillion. The total foreign held US debt is about $5.56 trillion.
www dot treasury dot gov/resource-center/data-chart-center/tic/Documents/mfh dot txt
Also, did anyone double-check who sold their stake in the building, or did they just read the headline:
“The sellers include the sovereign-wealth funds of Qatar and Kuwait, as well as an investor associated with the ruling family of Dubai, the report says.”
I will be impressed by such news when someone sells the Chinese a 100% stake in the Packard building in Detroit.
Just another NYC real estate transaction. Buildings are bought & sold there all of the time (Trump owned it at one point) based on R.E. values and currency exchanges and no, China is not buying a piece of GM. GM has not had any ownership in that building for many years, they just lease a part of it.
Trump really didn’t “own” the “GM Building” being that he had a minority interest.
As per most of his RE deals, Trump puts up little of the $$ and is basically brought into these deals to the frontman (usually foreign investors).
“As per most of his RE deals, Trump puts up little of the $$ and is basically brought into these deals to the frontman (usually foreign investors).”
Exactly. Trump gets enough cash flow to act like a billionaire, but his actual net worth is much lower than anyone thinks it is. Almost anything he does is highly leveraged and/or funded with other people’s money. The guy is a good marketer, but he’s almost gone bankrupt more than once.
I’m assuming this is the “new” GM building on Fifth, not the old one on Broadway, nor the old-old GM site at 224 West 57th Street.
The one on Broadway was part of 224 West 57th, and was a showroom, not office space. There were manufacturers’ showrooms up and down Broadway before WWII, the street was better known for cars than theaters back then.
MSG gives me a headache.
It’s only a matter of time before we’ll an article with the same title as this one, except with the parenthetical remark removed… Government Motors will eventually become the Chinese Government Motors.
yes
Maybe Chinese ownership would not be that bad. They couldn’t do any worse than Akerson and the Chinese would rid themselves of Opel. I was hopeful for GM but I am much less so now.