Mortgage Observer

East West Bank Poised to Profit as Chinese Money Pours Into the U.S.

From left: Richard Grani, Wendy Cai-Lee and Derrick Do. (Photo by Michael Hicks)

Wendy Cai-Lee, born in Shanghai, stands in front of a contemporary Chinese mural made from gunpowder, discussing Bill and Melinda Gates’ social influence with two of her senior lenders, Derrick Do, born in Saigon, and Richard Grani, born in Brooklyn, N.Y.

“The Gates have enough money and power to bypass governments when they need to,” Ms. Cai-Lee tells her colleagues. Read More

The World’s Most Expensive Retail & Office Space–CBRE Study

Hong Kong boasts the most expensive shopping and office space in the world, according to a report by CBRE (photo by Xopherlance on flickr)

CBRE released a study today, showing that top tier retail areas in New York have held value, with Fifth Avenue’s rents increasing significantly. The new study lists the top shopping destinations on the planet, as well as the most valuable office space markets, and Hong Kong tops both categories.

“In simplest terms, globally the retail Read More

Surviving In

Jay Walder in Hong Kong: If He Thought the Upper West Side Was Pricey…

It looks pretty at night, at least.

Last year, The Observer reported that relatively new (he was nine months in) M.T.A. chief Jay Walder and his wife had bought on the Upper West Side near five subway lines. The couple paid $1.599 million for a condo with three bedrooms, a lot of natural light, a big master suite with double sinks, and a walk-in closet. It was the sort of apartment a New Yorker could settle into for the long haul.

Now, though, with Mr. Walder decamping for Hong Kong, what of it? We don’t know yet. But we do know that he might find $1.599 million a steal for a nice three-bedroom in his next city. Read More