Chinese company targets local buyers in New York condo building
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E-mail Xinhua, December 7, 2019
NEW YORK, Dec. 6 (Xinhua) -- A Chinese company aims to better serve local people while developing its first overseas residential project in Midtown Manhattan of New York City, according to an executive.
"In the first place, we shall become a player in local market and be able to survive in local competition," said Bo Wei, senior vice president of Fosun Hive, a subsidiary of Fosun International Limited, a multinational company involving real estate, health care, insurance, wealth management and others,
Headquartered in east China's Shanghai, Fosun International is wrapping up the construction of a 53-story condominium building around Madison Square Park in cooperation with JD Carlisle Development Corporation.
Named as Madison House, the building has 199 units and about 90 percent of them have one or two bedrooms so as to have the price tag under control, said Bo, also co-executive chief representative of Fosun New York office.
Sales of the condominium have been good since its launch in late September 2019, according to Bo.
Around half of the buyers are local and occupancy is expected to start from the first quarter of 2021, Bo said.
The project is positioned to have high-end designing and decoration and relatively lower prices with an eye on local buyers, said Bo.
The prices of New York properties with high price tag underwent significant declines in last few years due to drop of buyers from China, Russia and the Middle East.
Bo said Fosun International has unique strength and has set up business strategy to match resources and markets of China and the United States.
It is more important for Fosun International to act as a bridge connecting the two countries' investors, added Bo.
Fosun International signed an agreement with JD Carlisle Development Corp. in January 2015 to develop the Madison House project with total development costs at around 470 million U.S. dollars, according to Fosun International.
Fosun International also bought One Chase Manhattan Plaza in October 2013, paying 725 million U.S. dollars and renaming the A-class office tower as 28 Liberty. Enditem
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