I think you may have hit the nail on the head there fren. NY is not a very friendly business or investor climate.
I also wonder how many of those property investments are linked to imploding Chinese real estate developers and investment schemes? They may want to divest themselves before the house of cards starts to fall. Downtown LA is stuck with a huge Chinese rotten tail development project where the developer went bankrupt - Oceanwide Plaza. The taxpayers are going to end up paying the check for doing something with the eyesore. Chinese real estate development is in a tailspin and it reaches overseas. The decline has been evident for years, so smart investors have been decoupling before they get caught up in the tsunami of defaults and are left holding the bag - especially pension funds that in the past have held a significant share in Chinese equities.
I think you may have hit the nail on the head there fren. NY is not a very friendly business or investor climate.
I also wonder how many of those property investments are linked to imploding Chinese real estate developers and investment schemes? They may want to divest themselves before the house of cards starts to fall. Downtown LA is stuck with a huge Chinese rotten tail development project where the developer went bankrupt - Oceanwide Plaza. The taxpayers are going to end up paying the check for doing something with the eyesore. Chinese real estate development is in a tailspin and it reaches overseas. The decline has been evident for years, so smart investors have been decoupling before they get caught up in the tsunami of defaults and are left holding the bag - especially pension funds that in the past have held a significant share in Chinese equities.