BOC to buy $600m building in NYC

A mock-up photo of the under-construction 7 Bryant Park. Photo from the official website of Hines.

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.

Chinese companies have bought six iconic buildings overseas. Here's a look at them:

General Motors building, New York City

In June 2013 a group of investors led by Chinese real-estate tycoon Zhang Xin bought a 40 percent stake in the 50-story General Motors building in midtown Manhattan in New York City at a price of $1.4 billion.

General Motors building (center) in midtown Manhattan in New York. [Photo/Agencies]