Skip to comments.Chinese developer buys LA site for $1b project
Posted on 07/27/2013 5:14:38 AM PDT by Oldeconomybuyer
Shanghai's Greenland Holdings Group acquired a site in downtown Los Angeles from a California teachers' pension fund on Friday to build a $1 billion project that will include a hotel, office units and residences. The property purchase marks the latest foray by Chinese developers into overseas markets.
The state-owned real estate developer which is building China's second-tallest tower acquired the 25,600 square-meter site from the California State Teachers' Retirement System, the second-biggest US pension fund. "We have a signed agreement for purchase of the property," said Michael Sicilia, media-relations manager for CalSTRS. He would not disclose the purchase price. The company expects to begin construction in six to nine months, he said.
Chinese developers are moving into the US and other overseas markets as China's leadership maintains residential-property curbs aimed at holding down skyrocketing prices. Greenland said earlier this month it planned to spend 10 billion yuan ($1.63 billion) on overseas property projects 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," Greenland Chairman Zhang Yuliang was quoted as saying in a statement Friday.
(Excerpt) Read more at usa.chinadaily.com.cn ...
What difference does it make?
The already own Washington.
A wonderful use of the US dollars held by Chinese in exchange for stuff sold by Walmart. When they use dollars to buy our land, we get the dollars back and we still have the land if only because it is the one asset they can’t take back to China with them.
It’s 1982 all over again. This time the money is being spent by Chicaps rather than Jananese
eminent domain, America sold to the highest bidder, purchased one deal at a time
The U.S. sends dollars to China, China takes the dollars to the U.S. and buys whatever it wants. Not a difficult idea.
Firestone had no modern factories, an angry union and other than a long relationship with Ford Motor, no prospects.
Bridgestone broke even on the deal, finally, in 2012.
correct ...many freepers don’t understand what foreign colonization of America (by Chinese and others) means> Ask the Mexicans they are the experts
He may not get a permit the site sits on top of a fault city is looking into it.
$158,000,000 per acre. Impressive regardless of who the buyers/sellers are.
Notice this is about buying property in the U.S. that CHINESE like and want, not to benefit the Americans. One More effort by China to colonize the United States. Wonder how it would go over if Americans bought land in China (is that even possible?) that Americans like for AMERICANS to colonize? There'd be a bullet in the back of the head first.
China uses our “free enterprise” system full well, but discriminates in return.
American investors cannot buy Chinese interests. It cannot be done.
We must buy a minority interest, and remain powerless. Further we cannot immigrate to China either, unless Chinese by birth.
The current system is designed almost, to screw and eliminate American investors.
It is amazing to me, that despite these terrible conditions, both parties seem sold on this mess.
We need an American party.
To all California teachers/ pensioneers:
When those funds for your pensions dry up, the Chinese may
let you a room in their new complex (if they are so inclined).
“You are an old man who thinks in terms of nations.....”
The Chinese can afford to buy their permit.
In LA so can anyone else the town is cheap and easy like a $2.00 hooker.