Hot on the heels of acquiring a substantial commercial property in Milan, (as reported here on Asian Wealth Times last week), China’s Fosun Group is making the news again with reports out of New York that the Shanghai based conglomerete will co-develop a luxury 47-storey residential tower at 126 Madison Avenue.
The new residential tower will be marketed to both local and international buyers but is sure to gain the strongest interest from UHNW Chinese investors.
Fosun Group is no stranger to the big apple having already bought One Chase Manhattan Plaza in downtown Manhattan for US$725 million from JP Morgan Chase.
