Soho China trashes talk of US investment

Soho China Ltd rejected as "untrue" a report that it is considering investing in a New York office tower. The company's controlling shareholder is looking at a possible overseas property investment that would be financed using private resources, it said in a statement to the Hong Kong Stock Exchange. Soho China said it will "remain focused on the Bejing and Shanghai markets and continue to pursue its goal of being China's premier domestic real estate development company." Chief executive officer Zhang Xin was in initial talks with Vornado Realty Trust to make a "personal investment" in the construction of an office tower at New York's Port Authority Bus Terminal, Hong Kong's Ming Pao newspaper reported yesterday, citing Soho China chief financial officer Tong Ching Mau. Crain's New York Business reported yesterday that Soho China planned to invest $500 million (Dh1.8 billion) to $700 million with Vornado in the project. From / Gulf News