America’s financiers have been taking advantage of their market position and quietly making it rain all across the city according to the Times. Chinese banks and investors are heavily invested in real estate and companies have staked out commercial space in prominent locations, such as the Empire State Building and 1 World Trade Center. They’re even fixing the bridges. China is essentially our new landlord.
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Chinese Steadily Snatching Up NYC
By Bucky Turco |
One Response to “Chinese Steadily Snatching Up NYC”
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Li & Fung made the largest Real Estate deal in NYC last year with 1/2 million Sq ft. in the Empire State Bldg. Rumor is they are negotiating even more space. However, apparently the goods LF distributes make up only 3.4% of american consumer spending. http://www.npr.org/blogs/money/2011/08/10/139388532/only-a-tiny-sliver-of-americans-personal-spending-goes-to-china