China property developer's family in talks to buy stake in GM building: WSJ

Thu Mar 7, 2013 7:57pm EST

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(Reuters) - The family of Soho China Ltd's (0410.HK) chief executive Zhang Xin is in discussions to buy a 40 percent stake in the 1.8 million square foot General Motors building in Manhattan, the Wall Street Journal reported on Thursday, citing real-estate executives familiar with the talks.

The sellers include the sovereign-wealth funds of Qatar and Kuwait, which invested through a Goldman Sachs Group (GS.N) fund, as well as an investor associated with the ruling family of Dubai, the business daily said.

If completed, the deal would value the tower at $3.4 billion, according to the executives, the Journal reported. (link.reuters.com/cum56t)

(Reporting By Vrinda Manocha in Bangalore; Editing by Gary Hill)

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