China 'Bad Bank’ Means Good News for Stalled 610 Lexington Ave Condo Project
A long-stalled condo and hotel development at 610 Lexington Ave has attracted the attention of one of China’s “bad banks” as Chinese investors continue to drop cash on US real estate, NY Daily News reports. China Cinda has paid $140.5M for a 65.1% stake in the project, joining Chinese real estate juggernaut China Vanke, which hopped in last year. While the ominous term “bad bank” may conjure images of selling your soul to the devil, it’s actually kind of the opposite. These are banks formed by China’s Ministry of Finance to turn around bad debts in government-owned banks. The project is being developed by Hines and Aby Rosen’s RFR Holding. China Cinda took its first step into US real estate last year, when it partnered with Zeller Realty Group for a $304M office tower in Chicago. [Daily News]
