Date
25 May 2017
Fosun will co-develop a 47-storey luxury residential tower in Manhattan, in the Chinese group's second venture in New York City. Photo: Bloomberg
Fosun will co-develop a 47-storey luxury residential tower in Manhattan, in the Chinese group's second venture in New York City. Photo: Bloomberg

Fosun to develop luxury condo tower in New York

China’s Fosun Group is launching a new real-estate project in New York City, a move that reflects the conglomerate’s growing overseas ambitions.

The Shanghai-based group’s property unit will co-develop a 47-storey residential tower at 126 Madison Avenue, the Wall Street Journal reported.

The partner in the venture will be JD Carlisle LLC, the report said, citing an emailed statement.

The residential tower, currently in the design and planning stage, is expected to attract local and international buyers.

“Fosun is confident that this property will be viewed internationally as another iconic New York City tower,” Alex Gong, executive president of Fosun Property, was quoted as saying.

In 2013, Fosun Group bought One Chase Manhattan Plaza in downtown Manhattan for US$725 million from JPMorgan Chase and renamed the 60-storey tower 28 Liberty.

Apart from New York, Fosun had in recent years also acquired real-estate assets and property-management platforms in other overseas locations, including London, Sydney, Tokyo and Lisbon, the Journal noted.

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