JP Morgan Chase will sell the 60-story Chase Manhattan Plaza to the Shanghai-based development firm Fosun International Ltd. for $725 million. JP Morgan began marketing the 2.2 million square-foot Financial District property earlier this year, and many experts think it could see a residential or hotel conversion. Fosun's plans were not immediately known. This is the second major real estate purchase by a Chinese firm in less than two weeks; Greenland Holding Group Co. recently took a 70 percent stake in Brooklyn's Atlantic Yards. [WSJ; previously]
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