BOC to buy $600m building in NYC

Bank of China (BOC) plans to buy 7 Bryant Park, a 28-storey office building in Manhattan, New York City, for nearly $600 million, Wall Street Journal reported Tuesday, citing insiders.

This under-construction building, floor area totaling 43,700 sq m, has been co-built by property developer Houston-based Hines and a company controlled by JP Morgan Chase & Co.

Insiders said that BOC agreed to the purchase plan on Friday. It is not clear for what purpose the BOC would use this building, but the bank would complete the deal after the construction finishes next year.

Chinese companies are speeding up overseas expansion, tapping new markets or buying assets. Landmark buildings are increasingly becoming favored targets.