Chinese investor takes over historic Amsterdam Paleis van Justitie

Chinese-Dutch real estate company CTF completed the purchase of the former Paleis van Justitie, literally the "Justice Palace" in the center of Amsterdam for 61.3 Million Euros. It was the second attempt by the firm to pick up the historic building on the famed Prinsengracht canal. CTF is a joint venture of three parties, two of which are headed up by the Cheng family of China, newspaper Het Parool published on Thursday. The third group is Aedes Real Estate, a company based in Amsterdam. CTF snatched the building out from under developer Dik Wessels by offering up the exact amount of money asked by Paleis owner Louis Meijer of M7 development, the newspaper stated. Neighbors have not yet reacted to the purchase of Prinsengracht 436, as little is known about the new owners’ plan for the Paleis. The previous owner kept the building intact, and did not rile up any community groups in the area. Each individual member of the joint venture is known for their work globally in luxury hotels, with the Chinese firms involved in the acquisition of Rosewood Hotels and Resorts. Aedes is also involved locally in the high-profile Soho House, to be housed in the Bungehuis. The former University of Amsterdam building was the site of a lengthy sit-in protest by students and faculty demanding the reduction of cuts to the humanities faculty, and the cancellation of the 50 million euro Bungehuis sale.