The company will spend $200 million to buy a 4.6-acre site across from Staples Center and L.A. Live where it plans to build a hotel, apartments and retail space.
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Chinese outbound investment
In the first two months of this year, more than five leading developers, including Vanke Co and Greenland Holding Group, announced foreign investment plans totaling more than 50 billion yuan ($8.17 billion, 5.9 billion euros). This trend will continue and even strengthen throughout the rest of this year, even though Chinese developers expanding overseas is still at an early stage, analysts say.