Are Deals for Overseas Properties Bottom Fishing or Risky Business?

Large private companies and financial conglomerates from China have in recent years bought landmark buildings like One Chase Manhattan Plaza, the General Motors Building, the Waldorf-Astoria Hotel and London's Lloyd's Building.

Each time I learn of these types of purchases, I recall the Mitsubishi Estate Co.'s acquisition of New York's landmark Rockefeller Center for US$ 2 billion in 1989. Mitsubishi had to sell the building back to Rockefellers for a lower price in 1995.