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Chinese developer buys LA site for $1b project
China Daily ^ | July 27, 2013 | By MICHAEL BARRIS

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 ...


TOPICS: Foreign Affairs; News/Current Events; Politics/Elections; US: California
KEYWORDS: china; losangeles

1 posted on 07/27/2013 5:14:38 AM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

What difference does it make?

The already own Washington.


2 posted on 07/27/2013 5:16:59 AM PDT by EQAndyBuzz (The reason we own guns is to protect ourselves from those wanting to take our guns from us.)
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To: Oldeconomybuyer

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.


3 posted on 07/27/2013 5:18:32 AM PDT by theBuckwheat
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To: theBuckwheat
Ahh, I guess you don't see how the payment for the land is a one time gain, but the building (with all the profit) is a lifelong sucking of money away from the country?
4 posted on 07/27/2013 5:21:41 AM PDT by Vision (Political Correctness is unAmerican)
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To: theBuckwheat

and Target......

It’s 1982 all over again. This time the money is being spent by Chicaps rather than Jananese


5 posted on 07/27/2013 5:22:33 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Travon... Felony assault and battery hate crime)
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To: Oldeconomybuyer
My lifelong dream has been to be a tenant of the heirs to the power and glory of “The Great Helmsman” himself.Pacific Time Zone...here I come!
6 posted on 07/27/2013 5:24:16 AM PDT by Gay State Conservative (If Obama Had A City It Would Look Like Detroit.)
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To: Oldeconomybuyer

eminent domain, America sold to the highest bidder, purchased one deal at a time


7 posted on 07/27/2013 5:26:36 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Oldeconomybuyer
I would look beyond this deal to see what else the Chinese get for bailing out the insolvent[?] teachers' retirement program.
8 posted on 07/27/2013 5:43:44 AM PDT by Paine in the Neck (Is John's moustache long enough YET?)
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To: Oldeconomybuyer

The U.S. sends dollars to China, China takes the dollars to the U.S. and buys whatever it wants. Not a difficult idea.


9 posted on 07/27/2013 5:47:11 AM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: bert
Back in 1975 or 76, Bridgestone got into a bidding war with Pirelli over the near-dead carcass that was Firestone Tire. Bridgestone finally won, paying about $80/share for a company that had just recalled several hundred thousand “Firestone 500” tires.

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.

10 posted on 07/27/2013 5:47:46 AM PDT by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: Vision

correct ...many freepers don’t understand what foreign colonization of America (by Chinese and others) means> Ask the Mexicans they are the experts


11 posted on 07/27/2013 5:58:02 AM PDT by dennisw (The first principle is to find out who you are then you can achieve anything -- Buddhist monk)
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To: Oldeconomybuyer

He may not get a permit the site sits on top of a fault city is looking into it.


12 posted on 07/27/2013 6:18:22 AM PDT by Vaduz
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To: Oldeconomybuyer

$158,000,000 per acre. Impressive regardless of who the buyers/sellers are.


13 posted on 07/27/2013 6:18:32 AM PDT by Rebelbase (Tagline: (optional, printed after your name on post):)
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To: Oldeconomybuyer
we prioritize our investment to countries where Chinese immigrants, students and tourists like the most

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.

14 posted on 07/27/2013 7:04:06 AM PDT by Bon of Babble (Due to the current economic situation, the light at the end of the tunnel has been turned off!!)
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To: Bon of Babble

Bump.

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.


15 posted on 07/27/2013 7:10:06 AM PDT by Cringing Negativism Network
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To: Oldeconomybuyer

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).


16 posted on 07/27/2013 8:17:31 AM PDT by Minutemen ("It's a Religion of Peace")
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To: theBuckwheat

“You are an old man who thinks in terms of nations.....”

http://www.youtube.com/watch?v=zI5hrcwU7Dk


17 posted on 07/27/2013 8:21:50 AM PDT by dfwgator
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To: Vaduz

The Chinese can afford to buy their permit.


18 posted on 07/27/2013 8:22:50 AM PDT by Minutemen ("It's a Religion of Peace")
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To: Oldeconomybuyer
You're worried about 8 acres in LA?

Chinese buy up Canada farms; is Beijing behind it?

19 posted on 07/27/2013 3:01:42 PM PDT by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Minutemen

In LA so can anyone else the town is cheap and easy like a $2.00 hooker.


20 posted on 07/28/2013 5:21:21 AM PDT by Vaduz
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To: bert

When defense contracts started to tank in the early 90s, Chinese, mostly from Hong Kong put $5 billion into southern cal. Saved the SoCal economy.

They could save us again by buying the state legislators and firing them all.


21 posted on 07/28/2013 5:29:08 AM PDT by morphing libertarian
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