China Billionaire Lu Zhiqiang's Oceanwide To Pay $390 Mln For New York Real Estate

China Oceanwide Holdings, a Hong Kong-listed real estate firm controlled by China billionaire Lu Zhiqiang, is moving to expand its U.S. investments by agreeing to pay $390 million for real estate in New York.

Oceanwide would buy properties at 80 South Street and 163 Front Street in New York, according to an announcement on Wednesday after the close of trade. Its shares rose by 1.7% in Hong Kong on Thursday.

China Oceanwide Holdings is a 59%-owned subsidiary of Shenzhen-listed property developer Oceanwide Holdings, which in turn is controlled by Lu. Oceanwide in recent years has already acquired Fig Central in Los Angeles, as well as a First & Mission project, Sonoma Country Inn and a Graywood Ranch subdivision project in San Francisco. Rich buyers from China like Lu have emerged as major investors in key U.S. cities in the recent years.

Lu ranked No. 248 on the 2015 Forbes Billionaires List with wealth of $5.9 billion. Besides real estate, Lu aims to expand into finance, energy and other “strategic” investments.