China's HNA Snaps Up 245 Park Avenue for $2.2 bln

The deal marks one of the biggest prices ever paid for a Manhattan office tower and is an example of how Chinese money continues to play a significant role in the New York market despite increased capital controls at home.

Very few Manhattan properties have ever crossed the $2 billion threshold -- the list includes 11 Madison Avenue, 3 Bryant Park and the GM Building at 767 Fifth Avenue.

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The Chinese company, which owns 25 percent stake in Hilton Worldwide Holdings, has been making a splash in recent months with a series of major cross-sector investments around the world. Among its recent deals, the company, which began as carrier Hainan Airline, recently upped its stake in Deutsche Bank to 9.9 percent.

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Its acquisition spree has led to some speculation that its chairman Chen Feng enjoys a special relationship with the Chinese government, which has enacted strict capital controls on the purchase of foreign assets. China state-backed banks have provided HNA with a $60 billion line of credit, according to public filings obtained by the New York Times.