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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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.
China-based investors and developers are dropping huge sums for NY properties they consider bargains.