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 ...
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.
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