South Korean investors snap up US skyscrapers
Korea was fourth-biggest foreign investor in US offices last year amid record-low bond yields, falling shares at home
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Seoul
SOUTH Korea's institutional investors are putting money in debt to buy Manhattan and San Francisco skyscrapers as they flee record-low bond yields and falling shares at home.
A group of Korean insurance companies is investing about US$220 million in a mezzanine loan, which is repaid after senior debt in case of a default, for the 54-storey AXA Equitable Center at 787 Seventh Avenue in Manhattan this month, people familiar with the matter said last week.
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