Luxury groups are also real estate competition… As you go to the top,
(Paris = Yonhap News) Correspondent Song Jin-won = one-fifth of the Champs-Élysées Street building, which is the representative tourist destination and high-end shops in Paris, France, was owned by the wealthy Qatar of the Middle East.
as of last january, Le Monde analyzed the land registry of the Champs-Élysées, and more than 390 meters of exterior walls were owned by Qatar, or the Qatar Fund.
This is more than 20% of the world’s most beautiful streets, the media said.
This massive investment was promoted after the bilateral agreement signed between France and Qatar in the 1990s.The agreement gave Qatar and its people a special tax benefit of real estate capital gains tax and capital gain tax exemption. Thanks to this,Qatar acquired the representative buildings on the Champs-Élysées Street.
In the middle of the champs-Élysées Street, Rafayette Department Store and large-scale mart Monoprix were built by Qatar Investment Agency for more than 500 million euros (about 700 billion won based on the exchange rate) at the 2012 French insurance company.
The Champs-Élysées Street 103-111 buildings were acquired by Qatar sovereign wealth fund for 440 million euros.