Bloomberg
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.
Chinese developers are expanding overseas as the government maintains curbs on residential property at home to damp price gains. China Vanke Co., the biggest homebuilder listed on mainland exchanges, said in February it entered a residential-property venture in San Francisco, while Xinyuan Real Estate Co. (XIN) in September said it was developing a New York project.