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Chinese Business Eyes Renovated 7 WTC

Posted by Dave Cook | CFO.com | US

August 29, 2005 11:55 AM ET

As restaurant-goers in lower Manhattan have long been aware, Little Italy has been squeezed to a fraction of its former size by the expansion of a bustling Chinatown. Now Crain's New York Business reveals that inroads of a different sort may be made in the Financial District.

Beijing Ventone Real Estate, one of China's largest real estate companies, is reportedly seeking up to 1 million square feet of Manhattan office space — perhaps in midtown, but more likely in 7 World Trade Center, where renovations were completed last year. According to Crain's, Ventone would sublease the space and provide support services to Chinese companies seeking a headquarters in the United States. A total of 68 China-based companies now have a presence in the city, added the report, including 13 of the 32 that have $500 million or more in annual sales.

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