Major Chinese developer Greenland disposed of the tallest rental apartment tower in downtown Los Angeles at a steep loss
Price of $504 million is a record in the city but much less than Greenland wanted
The much higher asking price 18 months ago for the downtown Los Angeles apartment building was less than Greenland’s development costs.A major Chinese developer on Tuesday disposed of the tallest rental apartment tower in downtown Los Angeles at a steep loss, the latest in a recent wave of Chinese investorsThe U.S. subsidiary of China’s Greenland Holding Group sold the 59-story apartment skyscraper for $504 million, according to the buyer, privately held apartment owner Northland.
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