Hopson Agrees to Buy Stalled NYC Project From Struggling Mainland Developer for $113M
A mainland China developer, Hopson Development Holdings has made its first overseas acquisition. Making an announcement on the Hong Kong stock exchange, the company will be buying a stalled residential project in New York for $113.5 million.
The project had been stalled for 3 years, when at that time, the previous building had been demolished. The HK-listed property developer is planning to construct a 34-storey tower on the property that is just four blocks southeast of the Rockefeller Center in the midtown Manhattan business district.
Full article by James Hatton, Mingtiandi: View full article here