Chinese developer buys major lot in downtown L.A.

[unhappycamper]

http://www.latimes.com/business/la-fi-chinese-land-buy-20140201,0,6070703.story



The block links the financial district with L.A. Live and Staples Center. Its purchase is the second major downtown land deal struck with Chinese money in barely a month.

Chinese developer buys major lot in downtown L.A.
By Roger Vincent and Julie Makinen
January 31, 2014, 5:52 p.m.

A wave of Chinese investment continues to sweep through downtown Los Angeles as buyers from Shanghai have paid nearly $150 million for land near the 110 Freeway where a billion-dollar mixed-use complex is on the drawing board.

Chinese real estate developer Shanghai Greenland Group bought a sprawling parking lot next to the freeway north of 9th Street in a deal that closed Friday — Chinese New Year — real estate brokerage CBRE Group Inc. said.

The full city block known as Metropolis has been approved by the city for 1.65 million square feet of hotel, condominium, office and retail development on a block that links the financial district with L.A. Live and Staples Center.

It was the second major downtown land deal struck with Chinese money in barely a month, signaling L.A.'s appeal as a haven for investors looking to move money out of China. In late December, Oceanwide Real Estate Group bought land across Figueroa Street from Staples Center; it's planning a five-star hotel, apartments and stores.

[Crewleader]

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Last edited Sun Feb 2, 2014, 02:52 PM - Edit history (1)