Chinese Mom Buys $6.5 Million New York City Apartment for 2-Year-Old

Extravagant display of wealth or good planning?

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Robert Nickelsberg / Getty Images

Construction continues on the One57 luxury condominium building in Manhattan on Jan. 7, 2013

Think you’re spoiling your child? Think again. A CCTV story is making international headlines after a New York City real estate agent revealed that a Chinese mother purchased a $6.5 million apartment for her toddler.

Sotheby’s senior vice president Kevin Brown told China’s CCTV that he showed apartments all over Manhattan to the buyer, who is remaining anonymous:

And she said, well, her daughter was going to go to Columbia, or NYU, or maybe Harvard, and so she needed to be in the center of the city and that was why she was picking this one particular apartment. So I said: ‘Oh, how old is your daughter?’ And she said: ‘Well, she’s 2′. And I was just shocked.

The woman ended up buying in the luxury Manhattan building One57. The 90-story building, which is still unfinished, was designed by a Pritzker Prize–winning architect and will have a library with a pool table and 7.3-m aquarium, a private concert hall and a “pet washroom” along with an enviable location on 57th Street between Sixth and Seventh Avenues.

(MORE: Report: China Buys 25% of the World’s Luxury Goods)

While some may scoff at the over-the-top purchase, the anonymous mother could be a very savvy real estate investor. According to Brown, less than two years after her purchase at One57, the condo’s value has already shot up to $8.9 million.

In China, the purchase has tongues wagging about where the money could have come from. According to the Telegraph, comments left on Weibo, China’s version of Twitter, suggested that the woman must have been related to a corrupt government official. In a country where income inequality is widening and anger at the extravagant ways of Communist Party officials is growing, the country’s new President Xi Jinping has made combating corruption and official abuse of power a priority.

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31 comments
jmitterii2
jmitterii2

Has to be a government official or related to one.  Common Chinese citizens are not allowed to invest outside of China. Hence why they have such a huge real-estate bubble with empty mega cities.

JesusFreek
JesusFreek

"In a country where income inequality is widening and anger at the extravagant ways of Communist Party officials is growing"

This will be a headline describing the U.S. in less than 10 years!

GrandiceSze
GrandiceSze

Probably scared her husbands gonna divorce her or something...with that amount of wealth its almost a certainty.

JosephineKoh
JosephineKoh

@TIME: Spoiled much? Chinese mom buys $6.5 million NYC apartment for 2 year old | ti.me/10kShuM (corrected number)” - kiasu much?

AmyGKC
AmyGKC

Wow RT @TIME: Spoiled much? Chinese mom buys $6.5 million NYC apartment for 2 year old | ti.me/10kShuM (corrected number)

megalon98133
megalon98133

Or.. the 2yr old story is a front for something else. Or the story is made up.

hlmelsaid
hlmelsaid

new power(www.helmyelsaid.blogspot.com)

PeterKimFrank
PeterKimFrank

@TIME @TIMENewsFeed Despite the salacious headline, she's obviously making a real estate investment. Also, it's $6.5mm. Off by only 1000%

wth?
wth?

China already has a housing crisis, with most of their houses sitting empty because they are owned by the rich. The rich who put their wealth into property. Please don't give us that problem too.

OlympedeGouges
OlympedeGouges

@emmalabizarre She could be just planning ahead since it's hard to get good places in NY when you need it. Or for inheritance.

lipstickandplay
lipstickandplay

And everyone always thought it was Americans who spoiled their kids.