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Chinese Woman Buys Toddler $6.5M NYC Condo For When She's In College

CBS MoneywatchMar 27, 2013, 16:32 IST

Courtesy of ExtellA illustration of the view from a "One57" apartmentChina's rapidly growing upper class often sends its kids overseas to earn a college degree from one of the prestigious universities of the U.S. or Europe. One mother's move to secure decent accommodation for her daughter's college years has set Chinese tongues wagging.

The woman, who has not been identified, reportedly dropped $6.5 million on a condo in Manhattan which hasn't even been built yet for her daughter to live in while she studies.

According to a top executive from the real estate agency which sold it to her, the intended future inhabitant was just two years old at the time of the transaction.

Read the rest at CBS MoneyWatch >