A company headed by a Chinese billionaire is paying $725 million for a banking landmark in New York City's financial district, the latest high-profile US real-estate deal by a Chinese business.

Fosun International - the investment firm controlled by Guo Guangchang - will acquire One Chase Manhattan Plaza, the company said. The 60-story, 2.2 million square-foot office tower on a 2.5-acre plaza is the former world headquarters of Chase Manhattan Bank and a signature piece of the city's financial district.

The purchase is the latest acquisition by Chinese property developers looking abroad to diversify amid a slowing economy in China and tight policy measures aimed at cooling an overheated housing market in the country.

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