Greenland Finds L.A. Buyers, Struggles With U.S. Growth

Greenland Holding Group Co. said buyers have been found for about 60 percent of the 310 units at the initial phase of the Metropolis, the first ground-up condominium project in downtown Los Angeles since the Ritz-Carlton Residences were completed more than four years ago.

Studios and one-bedroom units required $10,000 in refundable deposits, while two-bedroom condos required $20,000, said Ifei Chang, president and chief executive officer of the Chinese company’s U.S. division. The developer hopes to convert the deposits into non-refundable down payments by the end of the month, she said.