Posted May 3, 2015, 10:00 PM
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Join Date: Sep 2005
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Quote:
Chinese developer leads transformation of L.A.'s skyline
Chang's team started excavating the site last July and has kept on schedule since, she said. The three cranes working on the hotel and condo tower are an unusual sight in Los Angeles, where one crane per building is typical.
"We added a second crane to the residential tower to ensure timely progress," Chang said.
Developers usually wait for condos to be sold before erecting more, but Chang is already at work on the second phase of Metropolis — two more high-rise condo towers with about 1,500 units.
The first phase will include an 18-story, 350-room hotel and a 38-story condo tower with 308 units. More than half of the condos have committed buyers, Chang said.
Chinese development appears to differ from the heavy Japanese investment in U.S. real estate in the late 1980s, which unnerved many Americans. Japanese investors acquired prominent properties at record prices before both countries experienced an economic downturn in the early 1990s and their real estate markets crashed.
Greenland and other Chinese developers in Los Angeles are building new projects from the ground up, assuming substantial financial risk. If they fail to turn a profit, developments such as Metropolis could be sold for less than it cost to build them.
Greenland is also working with city officials and business leaders to create Avenue of the Angels, a proposed pedestrian thoroughfare with shops, restaurants and bars intended to link downtown's South Park neighborhood with the financial district. It would pass by Metropolis.
"Chinese investors will become even more active and influential over the next 10 years," he said, "and will continue adapting to Western business practices while retaining a critical sensitivity to their Chinese roots and the demographics of the Chinese population in the United States."
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http://www.latimes.com/business/la-f...503-story.html
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