Oceanwide Real Estate Group Co. has agreed to purchase a mixed-use project in downtown Los Angeles at a price that won't be higher than $200 million, according to The Wall Street Journal.
The Beijing-based property developer will acquire and develop Fig Central, a hotel, retail and residential project, as the latest example of Chinese capital moving into foreign real estate.
Located at the entrance of the sports and entertainment complex L.A. Live, the project site is currently a parking lot with a few management buildings. Approval for the project has been obtained, the company said.
Fig Central's development site is "shovel ready," with 1.5 million square feet of space for residential, hotel and retail use, according to the project's website. An investor will be able to start construction within four to six months after purchasing the project.
"The project is in a superb location, and it should see good market support in sales or leasing activity," Oceanwide said. The firm called the move an important step as it expands overseas.