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Xinhua: Chinese Real Estate Buyers Are Second Largest Group in the U.S.

Xinhua recently reported that Chinese real estate buyers spent US$12.3 billion in one year in the U.S. real estate market, becoming the second largest international buyer group after the Canadians. For example, a private Chinese investor spent US$725 million to acquire One Chase Manhattan Plaza, a 60-story office building located in downtown Manhattan. Facing the New York Federal Reserve building, it was built by David Rockefeller and has been used by JP Morgan Chase since 1961. The continuous appreciation of the Chinese currency is making real estate in New York and San Francisco look cheap. Chinese investors are also pouring money into stocks, bonds, trust certificates, intellectual property and patents. However the article also reminded the readers that the last time a Japanese investor bought the Rockefeller Center, it ended with a miserable loss and “in tears.”
Source: Xinhua, January 5, 2014