This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.nytimes.com/2015/02/08/nyregion/the-hidden-money-buying-up-new-york-real-estate.html

The article has changed 10 times. There is an RSS feed of changes available.

Version 6 Version 7
A Summary: The Hidden Money Buying Condos at the Time Warner Center A Summary: The Hidden Money Buying Condos at the Time Warner Center
(about 20 hours later)
For more than a year, The New York Times examined the influx of global cash fueling the city’s high-end real estate boom. The investigation pierced the secrecy of more than 200 shell companies that have owned condominiums at one complex, the Time Warner Center.For more than a year, The New York Times examined the influx of global cash fueling the city’s high-end real estate boom. The investigation pierced the secrecy of more than 200 shell companies that have owned condominiums at one complex, the Time Warner Center.
The Times found:The Times found:
■ Nearly half of the most expensive residential properties in the United States are now purchased anonymously through shell companies.■ Nearly half of the most expensive residential properties in the United States are now purchased anonymously through shell companies.
■ The real estate industry does little examination of buyers’ identities or backgrounds, and there is no legal requirement for it to do so.■ The real estate industry does little examination of buyers’ identities or backgrounds, and there is no legal requirement for it to do so.
■ At the Time Warner Center, 37 percent of the condominiums are owned by foreigners. At least 16 foreigners who have owned in the building have been the subject of government inquiries, either personally or as heads of companies. ■ At the Time Warner Center, 37 percent of the condominiums are owned by foreigners. At least 16 foreigners who have owned in the building have been the subject of government inquiries, either personally or as heads of companies. (Read Part 1 in English and Chinese.)
Read the overview, Part 2 on Malaysia (read a summary in Malay,) Part 3 on India, Part 4 on Mexico (read a summary in Spanish) and Part 5 on Russia (read a summary in Russian.) ■ Part 2 of the Times investigation focuses on Jho Low, a financier who is close to the family of Malaysia’s prime minister. He was involved in purchasing five luxury properties in the United States costing more than $140 million from 2010 to 2012. (Read a summary in Malay and a version in Chinese.)
■ Part 3 takes us to India. As complaints of unfinished homes mounted against Kabul Chawla, a New Delhi builder, an opaque corporate entity bought a $19 million condominium at the Time Warner Center.
■ Part 4 focuses on a politically prominent Mexican family, the Murats, who have purchased homes in the United States. (Read a summary in Spanish.)
■ Part 5 in the series is about an enclave of powerful Russians including Andrey Vavilov. Wealth that has been accrued in the chaotic capitalism of post-Soviet Russia is a powerful force in the luxury condominium boom that is changing New York.(Read a summary in Russian.)
The Times traced condominiums to people from all over the world and many different industries. Here are some people who have been tied either personally or through close relatives to Time Warner:The Times traced condominiums to people from all over the world and many different industries. Here are some people who have been tied either personally or through close relatives to Time Warner: