The priciest New York City real estate deal in 2017 already looks to be going south, thanks to what one industry player called “one of the most reckless investors I’ve worked with.” And it was Chinese money that was at play — part of a new phase of global capital that’s entering and leaving the city.
The Real Deal reporter Konrad Putzier lays out the shocking fall of Chinese conglomerate HNA, which is now struggling under a $90 billion debt burden after going on a worldwide acquisition spree. Early last month, news broke that HNA would put its most prized Manhattan trophy, 245 Park Avenue, up for sale after purchasing it for a record $2.2 billion just nine months earlier. The tower is expected to sell at a loss as the firm seeks to unload about $4 billion in U.S. real estate assets, including other properties in New York.
And while HNA beats a hasty retreat, it isn’t alone. Anb上海贵族宝贝交流区