China's US property trophy hunt begins

Hong Kong

ANOTHER New York landmark has fallen into Asian hands. The Waldorf Astoria hotel, home to visiting presidents and the backdrop to countless movies, has been sold to a little-known Chinese insurer for US$1.95 billion. The deal invites inevitable comparisons with Japan's US real estate binge of the 1980s. But if China follows the same path, the trophy hunt may only be just beginning.

The sale of the Waldorf by Hilton Worldwide is the latest in a series of Chinese deals. Last year, a consortium including property tycoon Zhang Xin bought 40 per cent of the GM Building, a few blocks north on the corner of Central Park. Conglomerate Fosun now owns the former Chase Manhattan headquarters, near Wall Street.