Make no mistake: John Paulson still loves Puerto Rico. And even if he can’t abandon the city of his birth for fun-in-the-sun money management on his beach 25 miles east of the island’s capital, he can certainly make money off the lucky (not so lucky?) ones who do, the posh pioneers who will either turn deeply indebted Puerto Rico into a major world financial center or introduce the death penalty for stealing bread. To which end he will continue to buy beaches, and build upon them residences of such luxury as to make the island’s current chic districts look like the hovels and shantytowns that they are.
Billionaire hedge-fund manager John Paulson said today that Puerto Rico’s economy is at the beginning of a turnaround and predicted the island will become the Singapore of the Caribbean….
The hedge-fund manager, who last year considered relocating to Puerto Rico to take advantage of new tax laws, said opportunities to buy real estate in the region won’t last much longer, and he’s looking to purchase sites that can be developed to serve people he expects to move here because of the legislation.
“We are interested in future development opportunities,” said Paulson, 58, adding that what he builds will be higher-end than what currently exists on the island.