Group 1 - Closer Properties, owned by Zhang Xin, has acquired five adjacent lots in Manhattan's Upper East Side for $62.5 million, planning to develop a luxury apartment building with retail space [2] - This marks Zhang Xin's first ground-up development project in New York, amidst a slowdown in new developments by other developers in Manhattan [2] - Closer Properties aims to focus on high-end boutique apartments in historic neighborhoods like the Upper East Side, West Village, and Chelsea, addressing the demand for modern housing in areas with older properties lacking services [2] Group 2 - Pan Shiyi and Zhang Xin have resigned from their executive roles at SOHO China to focus on art and charity, while retaining their positions as executive directors [3] - The couple's resignation may indicate a shift towards a professional management structure and a strategy for risk isolation [3]