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A number of leading Chinese media businesses are planning to considerably expand their offices in New York over the coming months and years, according to reports from the city.
News titles like Xinhau and China Daily have increased their office space footprint and the number of employees they have in New York dramatically in recent years and that trend is now widely expected to continue.
State-funded media companies, including a number of television businesses and magazine publishers, are being encouraged by their bosses back in China to increasingly enter the discussion on key issues in American society, the Wall Street Journal reports.
There is a long way to go before Chinese media firms get close to matching the kind of revenues and the breadth of coverage offered by top US companies in the same sector but their influence now looks likely to increase markedly as the decade unfolds.
Developing their presence in North America will involve Chinese media groups taking up ever larger areas of office space in New York, which is being welcomed as good news for the city’s commercial property market in general.
One particularly interesting and high profile indication that Chinese media groups are keen to expand in New York and across the US is the addition of a Xinhau News Agency billboard in the city’s iconic Times Square.
Greg Kraut from the real estate advisor Avison & Young told the WSJ that he expects the wave of media companies coming across from China to the US to look a lot like the trend that saw many of China’s biggest banks suddenly opening sizeable offices in Manhattan.
In related news, the media and entertainment industry giant Time Warner recently revealed that it is considering a move away from its current headquarters at Columbus Circle in Manhattan to another so far unspecified area of office space in New York City.