One of Lost Angeles’ biggest real estate developments is small potatoes compared to other projects the developer has worked on in China. Metropolis, a $1 billion mixed-use project next to the 110 Freeway, is unprecedented for L.A. but familiar to Winston Yan. He’s an architect and executive for the developer, Chinese real estate giant Greenland and chief technical officer for its U.S. subsidiary. He told the Los Angeles Times, he’s seen similar projects in Beijing and Shanghai.
Los Angeles is familiar territory for foreign developers but none are building like the Chinese are today. Chinese developers including Greenland, Oceanwide and Shenzhen Hazens are spending billions in the city, adding thousands of residential units in skyscrapers that are fundamentally changing the city’s skyline.
Potential residents are not necessarily locals. Many future homebuyers are expected to come from China where many are looking to the apparent safety of foreign real estate to diversify their wealth. This trend has been increased by China’s slowing economy.