The family of Soho China real estate tycoon Pan Shiyi and his wife Zhang Xin is about to buy a 40 percent stake in the 1.8 million square foot General Motors building in Manhattan, Reuters says.
The sellers include the sovereign-wealth funds of Qatar and Kuwait, as well as an investor associated with the ruling family of Dubai, the report says. If completed, the deal would value the tower at $3.4 billion. Divesting Arabs and investing Chinese appear to be a trend. Last year, Abu Dhabi sold its remaining shares in Daimler. Now the Chinese sovereign wealth fund CIC owns some three percent in Daimler, and might get more.