The influx of Chinese investment in LA, billions of overseas dollars, are transforming acre upon acre of land in Downtown into sleek, sometimes gargantuan, new developments. According to the Los Angeles Times, since 2014, Chinese developers have been behind at least seven of the last 18 land deals in Downtown in excess of $19 million. In that same time period, the four highest prices paid per square foot for land in Downtown were by Chinese investors.
Perhaps the scale of development is best encapsulated by Mark Tarczynski of Colliers International, who tells the Times, “when all these megaprojects are finished, they’re going to have to reshoot the postcard picture of downtown L.A.“
There’s Greenland company’s billion dollar Metropolis, soon to become the biggest mixed-use development on the West Coast. Oceanwide Holdings plans to turn a 4.6 acre site across from the Staple Center into a trio of towers called Oceanwide Plaza (previously known as Fig Central). Shenzhen Hazens is building a $700 million megaproject on a 2.5 acre lot also across the street from the Staples Center. The land prices paid for those three projects respectively: $150 million, $174.8 million, and $104 million.