August 11th, 2011
06:10 PM ET

China invests $1 billion in New York City

By Emily Lodish, Global Post

Chinese companies and entrepreneurs have quietly invested $1 billion in New York City over the last year.

In the process, they have snagged parts of major city icons, like the Empire State Building and the Tappan Zee bridge.

From the New York Times:

"Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, which is the centerpiece of the rebuilding at ground zero."

In the late '80s, a similar phenomenon that occurred involving Japan that caused quite a stir.

Sony Corporation bought Columbia Pictures in 1989, and the same year, Mitsubishi paid $846 million for 51 percent of the Rockefeller Group, owner of Rockefeller Center.

How were they received? This NY Times headline from Nov. 3, 1989, hints at the anxiety and xenophobia that transpired: "Japan Buys the Center of New York."

People were worried about foreigners having such a strong stake in major cultural symbols, and they weren't shy about saying as much.

But this time, with the U.S. economy in the tubes, most Americans are singing a different tune.

Most welcome the Chinese investment as a welcome boost.

After all, China has been investing all over the globe (BrazilAfricaEurope, even the Caribbean). It only follows it would eventually settle on New York.

Post by:
Topics: China • United States

soundoff (155 Responses)
  1. Expat

    Americans have done "this" to themselves, but are deluded by their own propaganda and still live in denial. Chinese are just following disciplined, responsible fiscal (capitalistic) principles, PEACEFULLY (look at their history) and are now, after decades of working hard, educating their smartest, investing in infrastructure and, did I say WORKING HARD, are reaping the benefits of their long term vision and goals. Americans should stop watching so much TV, eating so many big macs, lose weight, get back in physical and mental shape, go back to school and learn how to write a complete, and gramatically correct sentence. Make your children study HARD. Read some good business books, learn about world history, educate yourselves, and YES, learn how to speak Chinese: it WILL come in handy SOON. Stop playing the blame game, pointing fingers, acting like children and playing the victim Get our of your lazy boy loungers, put down the beer, (lose 25 pounds) roll up your sleeves, and put the country back together.

    August 13, 2011 at 11:42 am | Reply
  2. shawn

    chinese own company = chinese government own

    August 13, 2011 at 3:12 pm | Reply
  3. 344

    Perhaps americans will feel better after knowing that they are sending worthless papers to the Chinese.
    after they find out they can not pay back the debt , America can go to war with china only if American people will serve the military for free..hahaa coz they will be totally broke by then. In addition to that, illegals are increasing in numbers and black populations are also growing. I don't think America can be better with the increasing blacks running this country.

    I am just glad i still got my Aussie passport. Since aussie economy depends so much on the Chinese economy, buying Chinese products is an indirect way to support Aussie economy.

    August 13, 2011 at 8:39 pm | Reply
  4. K

    I've got a house here in Florida that I'd love to sell to them!

    August 14, 2011 at 8:39 pm | Reply
  5. abcd

    CHINA is going to be the biggest capitalist in the world ruled by communist.

    August 15, 2011 at 12:53 am | Reply
  6. RM

    Brilliant move. Instead of looting the conquered territories, the Chinese do the reverse and invest cash in them. In the long run, they will come out better than the past empires. They have learnt well!!!

    August 15, 2011 at 10:09 am | Reply
  7. pammiks

    "PAMM investing" is a real alternative to a bank deposit. Unprecedented safety conditions, you invest your money without parting with it. Profit up to 50% per annum. We turn big money into very big money. Invest in "PAMM investing". Learn more about us on http://www.pamm-investing.com
    You can make your own advertisement with your own text. The main requirement you should comply with while doing it is to provide reliable information on us since we do not cheat people, but help them make money.
    http://www.pamm-investing.com/

    October 13, 2011 at 5:55 pm | Reply
  8. Sigma2012

    C , . , .
    Seo , Seo ..

    January 10, 2012 at 5:23 pm | Reply
  9. pintarkomputerid2

    China invaded the world

    April 24, 2020 at 1:40 am | Reply
  10. Anna Lim

    https://eclecticpond.org

    June 9, 2020 at 9:17 pm | Reply
  11. http://eclecticpond.org

    https://eclecticpond.org

    June 9, 2020 at 9:18 pm | Reply
1 2 3

Post a comment


 

CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.