Ten years ago, downtown Los Angeles had some real challenges. Today it’s a hip, vibrant community, thanks in part to investments made by Chinese companies in recent years. Several major Chinese real estate developers, such as Oceanwide, Greenland and Shenzhen Hazens, have purchased massive pieces of land for development downtown. Oceanwide’s project, for example, is a 4.6-acre site that will yield 504 condominiums, 184 hotel rooms and more than 150,000 square feet of commercial space. Greenland is investing $100 million to build the Metropolis, which spans 6.3 acres with a 350-room hotel and three residential towers totally over 1,500 units.
Chinese real estate developers believe strongly in investing in the major areas in major cities, and are purchasing and developing properties outside LA, too. San Francisco, New York and even cities in Hawaii are naturally targets for them. In fact, Oceanwide has recently broken ground on a project in downtown San Francisco involving 26,000 square feet of new public spaces and two mixed-use towers: a 625-foot, 54-story mixed-use residential and hotel tower, and a 910-foot, 61-story residential and office tower, which provides 2.4 million square feet of new hotel, office and residential spaces.
The impact These Chinese companies aren’t just providing the funds—they’re providing opportunity for the cities involved. For LA, their investments are critical to the urbanization and revitalization of DTLA. And, since the start of construction in February 2014, the Greenland project itself has already brought 15,000 jobs to LA. More jobs will be created in different capacities as the project moves along, including more hospitality jobs once the hotels are built. There will be more restaurants, entertainment venues and other businesses that will open up to serve the thousands of people moving into and visiting these new areas.
Conclusion While these massive, landmark Chinese construction projects in the U.S. are likely good investments for the Chinese developers, much good to the communities is also coming out of them. These companies are hiring local workers to build these projects. They are also purchasing materials from within the U.S. The units provide housing options to every aspect of the community le These local ties best symbolizes a “golden bridge” from China to LA and the rest of the U.S.