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Report: China's Greenland puts 736-unit Los Angeles condo up for sale

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Report: China's Greenland puts 736-unit Los Angeles condo up for sale

Chinese developer Greenland Holdings Corp. Ltd.'s subsidiary, Greenland USA, is seeking to dispose of one of its condominium towers comprising 736 units in Downtown Los Angeles.

The 56-story Metropolis Tower 3 building is part of Greenland's US$1 billion Metropolis hotel, condominium and shopping complex and has been put up for sale at an undisclosed asking price, The Real Deal reported Feb. 21, citing a report from real estate information provider CoStar.

CBRE is responsible for the listing, marketing it as an opportunity for a new developer to complete the project and rent out units as luxury apartments.

Greenland has already wrapped up construction on most of the 6.5-acre development, The Real Deal noted. The 308-unit Tower 1 building was about 80% sold as at December 2017, while the 514-unit Tower 2 is still in the pre-sale stage.

The move comes a few weeks after the Shanghai-based Greenland placed on the market its 350-room Indigo Hotel — located in the same Metropolis complex — for a reported US$280 million, according to a Feb. 1 The Real Deal report, which also cited CoStar. The sale, the report noted, indicated the property giant is facing a financial setback with the large development complex amid the Chinese government's heightened clampdown on domestic companies' overseas property investments.