China’s Greenland Buys $1 Billion Stake in Los Angeles Project
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Shanghai Greenland Group Co., the developer building one of China’s tallest towers, is investing $1 billion in a downtown Los Angeles project, the latest Chinese builder to venture overseas.
Shanghai Greenland signed an agreement to acquire a stake in the project from California State Teachers’ Retirement System, the state-owned Chinese developer said in an e-mailed statement. It is the biggest deal of its kind by a Chinese developer in the U.S., Shanghai Greenland said.