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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673


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Fosun International Limited : One Chase Manhattan Plaza Delivered for Occupancy Fosun Reinterprets “A Tale of Two Cities” in New York

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12/19/2013 | 02:39am EDT
One Chase Manhattan Plaza Delivered for Occupancy Fosun Reinterprets "A Tale of Two Cities" in New York 2013-12-19

(18 December 2013, New York) Fosun International Limited ("Fosun" or the "Group") hosted a project delivery ceremony for One Chase Manhattan Plaza in New York, the United States of America. This event came exactly two months after Fosun announced on 18 October 2013 in respect of its acquisition of the landmark building from JP Morgan for a consideration of US$725 million.

As one of the two landmark buildings developed by the Rockefeller family with a long history, One Chase Manhattan Plaza, is grade A office building of 2.2 million sq. ft. in aggregate GFA with 60 floors above the ground erected on a 2.5-acre plaza with 5 based floors. It was formerly the global headquarters of Chase Manhattan Bank, as JP Morgan Chase was previously known.

One Chase Manhattan Plaza was designed by Gordon Bunshaft, the winner of the 10th Pritzker Architecture Prize. David Rockefeller selected the location and supervised the construction. The building had belonged to the same owner since it was built in 1961 and was designated an official New York City Landmark by New York's Landmark Preservation Commission in 2009 for its rich historic heritage, unique architectural features and public influence.

One Chase Manhattan Plaza, located in the core of Northern Lower Manhattan Financial District of New York City, enjoys various geographical advantages, facing Federal Reserve Building and adjacent to AIG Tower. Through the public plaza, it is accessible via an exit that connects to 7 different subway lines, providing great access to public transportation. The new commercial district in northern Lower Manhattan, which has been established with rebuilding of World Trade Center and reconstruction of the transit hub at Fulton Street subway station, is set to contribute to appreciation in value of Chase Manhattan Plaza. According to the agreement between Fosun and JP Morgan, JP Morgan remains one of the major tenants occupying most of its original office space in next three years.

Mr. Guo Guangchang, Chairman of Fosun Group said gratefully on the delivery ceremony, "Standing here today, I want to pay tribute to Mr. David Rockefeller. As all we know, One Chase Manhattan Plaza, one of Mr. Rockefeller's masterpieces, enjoys a high reputation from every visitor to Wall Street here because of JP Morgan's presence here. The building features designs which are cutting edge and magnificent and still looks new despite having been erected here for 60 years. It is a live illustration of the creativity and vision of entrepreneurs, the great entrepreneurial spirit, which are vital attributes that Fosun will learn by heart from its leading peers in the Group's globalization process.  

On the delivery ceremony, Mr. Guo and the team that is responsible for Bund Finance Center ("BFC") briefed with approximately 200 entrepreneurs from China and the United States and officers of Consulate General in New York about the BFC project which is currently under construction. Mr. Guo explained that Fosun is in the process of grooming BFC into the new landmark of the old "Wall Street of the Far East" in Shanghai. The design concept, "the World, the Bund", extends the assimilation and innovation of eastern and western cultures from the past to present, as well as updated Fosun's interpretation of contemporary entrepreneurial spirit. Fosun is wished to act as a bridge connecting Shanghai and New York with One Chase Manhattan Plaza and BFC in the financial and cultural aspects.

Mr. Xu Xiaoliang, President of Fosun Property Holding, exchanged the iconic gold keys of two buildings with representative of JP Morgan. The keys open the door of financial and cultural communications between China and the United States, of which one stands for the communication from New York to the Bund, and the other for the communication from the Bund to Manhattan.

The Rockefeller family has rich connections in history with Shanghai. In 1890, the Rockefeller family commenced operations of Mobil Oil in Shanghai and made it a legend. Nowadays, the financial center in the Bund is reviving, since the financial family is on its return to the Chinese city. Located in the core of the Bund, BFC, as the landmark project that Fosun Group develops with on its top priority, has approximately 420,000 sq.m. in aggregate GFA, of which approximately 190,000 sq.m. is earmarked for office use. It comprises two international grade A office towers of 180m each, encompassing features including corporate offices, corporate headquarters, shopping malls, arts centers and boutique hotels. The BFC Arts Centre, designed by Foster + Partners Architectural Firm headed by the London Olympics flame torch designer Thomas Heatherwick as the creative architect, is the main highlight of this development.

Around 200 business leaders and entrepreneurs from China and the United States attended the event, including Cheng Lei, Deputy Consul General, Consulate General of the PRC in New York; Steven C. Rockefeller III; Mark Grier, Vice Chairman of Prudential Financial, Inc.; Zhang Lanlan, Managing Director of CICC US Securities; Christopher Forbes, Vice Chairman of the Forbes Publishing Group; and Tian Yuan, Chairman of China Entrepreneurs Forum, etc.

Background Information:

Fosun pioneered a unique global business model of "combining China's growth momentum with global resources".

As far as achieving global development is concerned, Fosun believes the Group's edges rest with its deep understanding in China that plays an instrumental role in helping global enterprises achieve faster and better development in China. Citing Club Med as an example, Fosun's active involvement following its investment saw two new Club Med resorts opened in Yabuli of Heilongjiang Province and Guilin of Guangxi Province, respectively. Looking ahead, there will be more Club Med resorts opening in China.

Folli Follie, the Greek enterprise, also has experienced growth brought about by Fosun. Since Fosun's investment in 2011, Folli Follie's development in China has been speeding up with higher brand awareness. The total number of points of sales in China is expected to exceed 200 by end-2013, doubled from 98 before Fosun's investment.

The investment capacities are underpinning Fosun's multi-industrial operations, allowing the Group to make accurate judgments on project operations from an investment perspective. In the future, Fosun will continue to take deeper into its roots in China and endeavors relentlessly in global development, striving to become a global financial investment group.

Since the beginning of 2013, Fosun has completed several overseas investment projects: the US high-end women apparel brand St. John (US$55 million for a 33.3% interest as the second-largest shareholder); a global medical technology company that designs, develops, manufactures and markets medical and cosmetic devices, Alma Lasers Ltd. originated in Israel (approximately US$220 million for a 95% interest); as well as the US-based Saladax Biochemical Inc. (Fosun becomes the single largest shareholder through its subscription into the top-up placing of preference shares), which focuses on personalized medication dosage diagnosis and examination. Fosun sees the geographical reach of its investments expand from Europe to North America and the Middle East.

Founded in China, expanded globally and adhered to its roots in China, Fosun believes that its efforts in growing and understanding deeper into China allow it to identify global investment targets more effectively. It is only through this truly global perspective and ability to integrate resources globally and cooperate with the world's best teams and learn from them that Fosun will be better able to plough deeper into China. This year, Fosun has extended the reach of its investments to Japan, India and Indonesia, etc., with focuses on food, tourism, consumer upgrading and industry upgrading fields.

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EBIT 2019 26 139 M
Net income 2019 14 813 M
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EV / Sales 2019 1,45x
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Capitalization 79 447 M
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