Banks helping rich clients invest in marquee property deals
The push into direct transactions for groups of wealthy people seeking high-profile investments is relatively new
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New York
WHAT does Manhattan's tallest residential tower have in common with the Hooters hotel-casino in Las Vegas? They're investments for rich families.
JPMorgan Chase & Co, Citigroup Inc and HSBC Holdings plc are among banks presenting elite customers with offerings once confined to big institutional investors: access to real estate projects such as Manhattan's 432 Park Ave, Las Vegas' Hooters hotel and US$100 million Los Angeles mansions. With the ranks of the rich growing, the perk gives wealthy clients a chance to benefit from soaring property values and step into marquee deals.
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