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Fosun seals 2nd US property project
FOSUN Group, China’s largest closely held conglomerate controlled by billionaire Guo Guangchang, will partner New York developer JD Carlisle LLC in a luxury property development project in midtown Manhattan.
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 174 units, Fosun said in a statement yesterday.
The latest deal, for which no investment figure was released, further strengthens Fosun’s overseas presence.
Earlier in April, Fosun further expanded in the Australian market by partnering Australia’s EG Funds Management. The two companies will co-develop three apartment buildings in Sydney and Brisbane, according to Fosun.
At the end of January, Fosun teamed up with Propertylink to buy a 14,672-square-meter office building in Sydney for A$116.5 million (US$92 million) — its first foray in the Australian property market.
Chinese investors may invest US$20 billion this year in offshore properties, Jones Lang LaSalle forecast earlier, up from US$16.5 billion spent on overseas estates in 2014.
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