Shanghai Greenland Group Co. agreed to invest US $1 billion for a project based in downtown Los Angeles. This is the biggest deal of the same nature entered into by a Chinese developer in the United States, a company statement said.
The state-owned Chinese developer, which is the latest to venture abroad, will acquire a stake on an infrastructure development by California State Teachers' Retirement System. A company statement further revealed that the construction will most likely begin this year.
"We are extending the China market abroad, and we prioritize our investment to countries where Chinese immigrants, students and tourists like the most," said Shanghai Greenland chairman's Zhang Yuliang.
Calstrs' spokesman Michael Sicilia revealed that the deal happened this week yet he begged off to give a statement about the reason for the sale. Also, the listing brokerage CBRE Group Inc.'s spokeswoman declined to make a remark about the sale as well.
The Metropolis project pegged at 25,600 square meters is located on the Eighth Street. It will have offices, luxury homes, apartments and hotels. It is also strategically situated near L.A.'s developments including Ritz Carlton and Nokia Theatre.
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