Greenland to invest US 1b dollars in LA project

Shanghai Greenland Group Co has agreed to invest US$1 billion in a mixed-use project in Los Angeles as the Chinese developer further expands its presence overseas.

Shanghai Greenland signed the deal last Friday to acquire a stake in the Metropolis project from California State Teachers' Retirement System.

Covering a site area of 25,600 square meters, the project will consist of hotels, offices, serviced apartments as well as luxury homes with total gross floor area exceeding 150,000 square meters, Greenland said. Construction will likely start within six to nine months.

"We are extending our footprint overseas, zeroing in on countries and cities that Chinese investors, immigrants, tourists and students like the most," said Zhang Yuliang, chairman of Shanghai Greenland.

The Los Angeles project is Shanghai Greenland's second major overseas investment in less than a month.

Earlier this month, it signed a memorandum of understanding with Melia Hotels International of Spain for a hotel asset swap in which the Chinese developer will get two hotels in Madrid and Barcelona valued at 1.5 billion yuan (US$243 million).

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