By on March 8, 2013

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.

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13 Comments on “Chinese Company To Buy GM (Building)...”


  • avatar

    Why not, does China not own most of the USA Debt?

    • 0 avatar
      mike978

      No they don’t. They have around 10% of the national debt. The UK and Japan are also “big” holders of the debt.

    • 0 avatar
      corntrollio

      “Why not, does China not own most of the USA Debt?”

      No, they don’t. China doesn’t even hold most of the foreign-held US debt. As of Dec 2012, China has $1.20 trillion, and Japan has $1.12 trillion. The total foreign held US debt is about $5.56 trillion.

      www dot treasury dot gov/resource-center/data-chart-center/tic/Documents/mfh dot txt

      Also, did anyone double-check who sold their stake in the building, or did they just read the headline:

      “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.”

  • avatar
    Ron B.

    I will be impressed by such news when someone sells the Chinese a 100% stake in the Packard building in Detroit.

  • avatar
    rpol35

    Just another NYC real estate transaction. Buildings are bought & sold there all of the time (Trump owned it at one point) based on R.E. values and currency exchanges and no, China is not buying a piece of GM. GM has not had any ownership in that building for many years, they just lease a part of it.

    • 0 avatar
      bd2

      Trump really didn’t “own” the “GM Building” being that he had a minority interest.

      As per most of his RE deals, Trump puts up little of the $$ and is basically brought into these deals to the frontman (usually foreign investors).

      • 0 avatar
        corntrollio

        “As per most of his RE deals, Trump puts up little of the $$ and is basically brought into these deals to the frontman (usually foreign investors).”

        Exactly. Trump gets enough cash flow to act like a billionaire, but his actual net worth is much lower than anyone thinks it is. Almost anything he does is highly leveraged and/or funded with other people’s money. The guy is a good marketer, but he’s almost gone bankrupt more than once.

  • avatar
    Pig_Iron

    I’m assuming this is the “new” GM building on Fifth, not the old one on Broadway, nor the old-old GM site at 224 West 57th Street.

    • 0 avatar
      Lorenzo

      The one on Broadway was part of 224 West 57th, and was a showroom, not office space. There were manufacturers’ showrooms up and down Broadway before WWII, the street was better known for cars than theaters back then.

  • avatar
    cargogh

    MSG gives me a headache.

  • avatar
    Lampredi

    It’s only a matter of time before we’ll an article with the same title as this one, except with the parenthetical remark removed… Government Motors will eventually become the Chinese Government Motors.

  • avatar
    Jeff S

    Maybe Chinese ownership would not be that bad. They couldn’t do any worse than Akerson and the Chinese would rid themselves of Opel. I was hopeful for GM but I am much less so now.


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