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US China firm to invest US$1b in LA devt

Property Here - Wednesday, July 31, 2013

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China's state-owned Shanghai Greenland Group has invested US$1 billion (S$1.27 billion) into a Los Angeles project, making it the latest Chinese developer to venture abroad.

“We are extending the China market abroad, and we prioritise our investment to countries where Chinese immigrants, students and tourists like the most,” said Zhang Yuliang, Chairman of Shanghai Greenland.

Shanghai Greenland signed an agreement to acquire a stake in the Metropolis project from California State Teachers' Retirement System (CalSTRS). The deal is the largest of its kind by a Chinese developer in the US, said Shanghai Greenland.

The 25,600 sq m project located on Eighth Street near the LA Live development, which includes the Ritz Carlton and Nokia Theatre, comprising offices, hotels, luxury homes and apartments, will begin construction works this year.

Meanwhile, Michael Sicilia, a spokesman for Calstrs, confirmed that the transaction took place this week, but declined to comment on the reason for the sale. Brokerage firm CBRE also declined to comment on the deal.

Image: Downtown LA's Metropolis site (Artist's impression)

 

Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@allproperty.com.sg