Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

Petrodollars Snap Up Americana

Foreigners 'recycle' bucks with trophy buys like Chrysler Building

By Rob Quinn,  Newser Staff

Posted Jul 10, 2008 4:33 AM CDT

(Newser) – Foreign investors flush with dollars from the global commodities boom are using those greenbacks to buy flashy American properties, the New York Times reports. The government of Abu Dhabi bought a 75% stake in the Chrysler building Tuesday. Other recent "trophy" buys have included Donald Trump's Palm Beach mansion and some major works by American artists.

Congress is beginning to keep a closer eye on foreign investments, while still recognizing that they play a vital role in "recycling" dollars. "This is the natural outgrowth of us exporting a huge amount of dollars through high commodity prices to countries that have to reinvest it somewhere,” said an investment expert. “These countries have to extend beyond Treasury bills, and that means equities and real estate.”

Middle East investors were involved in the recent acquisition of the General Motors building in New York City.
Middle East investors were involved in the recent acquisition of the General Motors building in New York City.   (KRT Photos)
 The government of Abu Dhabi has purchase 75% of New York's Chrysler Building.
The government of Abu Dhabi has purchase 75% of New York's Chrysler Building.   (AP Photo/Adam Rountree, File)
Jeff Koons' Hanging Heart (Magenta and Gold) 1994-2006  was recently sold for $24 million to a Ukrainian steel magnate.
Jeff Koons' Hanging Heart (Magenta and Gold) 1994-2006 was recently sold for $24 million to a Ukrainian steel magnate.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Sheik Who Ran $650B Fund Found Dead

Bailout Czar Kashkari Joins World's Big Money Elite

Weak Dollar Scaring Off Foreign Funds

Abu Dhabi to Buy Chrysler Building

Sovereign Funds Agree on Conduct


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne