Chinese Developer Spends $1B On LA Development Site

Law360, New York (July 26, 2013, 3:59 PM EDT) -- Chinese state-owned real estate conglomerate Greenland Holding Group has purchased a piece of land in downtown Los Angeles from the California State Teachers' Retirement System for $1 billion, a person familiar with the deal said Friday.

The 275,556-square-foot property will be the site of Greenland's first development in the U.S., and the company said in a statement Friday that it is also in talks to acquire 10 projects in the U.S., Australia, Thailand and the U.K.

Greenland said it plans to build a hotel, office space...
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