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.