Chinese real estate developer Hopson Development Holdings Ltd. bought a development site in Midtown Manhattan, N.Y., from New Empire Real Estate for $115 million, The Real Deal reported, citing city records.

Hopson plans to build a 34-story tower on the property at 131-141 E. 47th St., investing a total of $225 million, The Real Deal said, citing a company announcement filed to the Hong Kong Stock Exchange. The building will have 200 units, covering a total area of 183,310 square feet.

The project will be 60% funded by bank loans, the publication said, citing the company's announcement.