Add one more item to the list of products “made in China”: debt backed by commercial mortgages.
Bank of China Ltd. is already one of the largest foreign lenders to commercial real estate in the U.S., helping finance prestige properties. Now, it is staking a claim in the red-hot market for bonds backed by packages of commercial-real-estate loans.
In November, Bank of China became the first Chinese lender to participate in the sale of U.S. commercial-mortgage-backed securities, known as CMBS. Bank of China joined a group of banks in a $950 million loan to finance a 43-story building at 1290 Avenue of the Americas in midtown Manhattan that was then packaged into bonds.
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Lingling Wei and Al Yoon, Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/_mliTvMwQzA/
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