New York hotelier and real estate developer Andy Zhu (Zhu Sandong) has come under scrutiny after being implicated in a federal bribery case involving a former chief of staff to ex-New York City Mayor Eric Adams. As the investigation unfolds, public records and past lawsuits are shedding new light on Zhu’s extensive real estate portfolio and the cross-border investment networks that helped finance many of his developments across the city.
According to the website of Zhu’s company, East Times Group (now disabled), the firm has developed more than 5 million square feet of commercial, industrial, mixed-use, and residential property with completed projects valued at more than $3 billion across the United States and China.
The company described itself as a diversified investment and family office platform engaged in private equity, venture capital, structured finance, and cross-border investment.
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Links to Chinese investors
One of Zhu’s highest-profile developments involved the acquisition of a prime property in Brookville, Long Island. In 2022, Zhu announced plans for what was described as one of the largest real estate developments undertaken by Chinese investors in the New York area, envisioning luxury residences alongside golf, tennis, and other recreational facilities.
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According to a civil lawsuit filed in Nassau County, Zhu represented the buyers in the transaction and said the individuals who signed the purchase agreement were unable to enter the United States during the COVID-19 pandemic, delaying the closing. The lawsuit also identified the purchasers as a group of limited liability companies associated with investors based in China.
The court filings further suggest Zhu served as the local representative and project manager for the transaction, while the principal investors were based in China.
Flushing mixed-use project
Zhu was also involved in the redevelopment of the former Asian Plaza site in Flushing, Queens. In 2015, he announced a joint venture with multiple Chinese development firms to acquire the property for $91 million, followed by plans to invest an additional $360 million to build a 660,000-square-foot complex containing residential units, hotel accommodations, retail space, and offices.
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The project later became the subject of litigation among business partners. Court documents filed in 2017 show that Zhu’s partners accused him of poor management, cost overruns, and lacking experience overseeing projects of that scale. Zhu denied the allegations and argued that his partners lacked experience with U.S. real estate development.
Though the dispute was eventually settled, court records indicate Zhu held a 25 percent management partnership, while the remaining ownership interests belonged to other investors. Some project funds were reportedly administered through escrow accounts at the Industrial and Commercial Bank of China (ICBC).
Financing structure draws attention
Property records cited by real estate data outlet PincusCo show that Zhu received financing from the Industrial and Commercial Bank of China, including a $13 million loan recorded in March 2020 for a Long Island City condominium project. PincusCo also lists a later item referencing an $11.4 million loan from ICBC to Zhu, though the full filing details were not immediately available.
While the use of financing from a Chinese state-owned bank does not by itself indicate wrongdoing, analysts say it reflects the increasingly common role of cross-border capital in large-scale U.S. real estate development involving Chinese investors.
Zhu immigrated to the United States in 1992 at age 17. Over the past three decades, he built a real estate business valued at more than $3 billion, largely through projects combining U.S.-based development expertise with international investment partnerships. The case remains ongoing.
