Fosun Group to develop luxury property project in Manhattan

By Cherry Cao | April 30, 2015, Thursday |

Online Edition

FOSUN Group, the country's largest closely held conglomerate controlled by billionaire Guo Guangchang, will partner with New York developer JD Carlisle LLC in a luxury property development project in midtown Manhattan as the company further strengthens its overseas presence.

The 47-story condominium tower on Madison Avenue will be Fosun's second project in New York, following its purchase of One Chase Manhattan Plaza in 2013.

With a total gross floor area of about 32,500 square meters, Fosun's first overseas luxury residential development project will consist of 174 units, the company said.

Fosun's latest move underscores its growing appetite for diversified portfolio as well as long-term and stable returns.

At the end of January, Fosun announced a partnership with Australia’s Propertylink to purchase a 14,672-square-meter office building in Sydney for A$116.5 million (US$92 million), making its first foray into the Australian property market.

And just prior to the New York project, Fosun in earlier April made a further expansion into the Australian market by forging a partnership with Australian EG Funds Management. The two companies will co-develop three residential apartment buildings in Sydney and Brisbane, according to Fosun.

Chinese investors -- developers, institutional funds and the privately wealthy -- may fork out US$20 billion this year on offshore property, as the real estate buying spree overseas continues, international property consultant Jones Lang LaSalle forecast earlier. That compared to US$16.5 billion splashed out on overseas real estate in 2014.

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Fosun Group to develop luxury property project in Manhattan

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