Chinese real estate group digs deep into Los Angeles

The area around Los Angeles' L.A. Live is becoming a beacon for real estate developers, particularly in the hotel space.

As LA Downtown News reports, a year after Shanghai-based developer Greenland broke ground on a mega-project north of L.A. Live, Beijing-based Oceanwide is putting shovels in the ground on a $1-billion project just east of Staples Center.

The development, dubbed Fig Central, will feature one 49-story tower and two 40-story towers, which will include 504 condominiums and 183 hotel rooms. The project, dubbed Fig Central, will reportedly be built in a single phase, with completion slated for 2018.

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It is reportedly the first real estate venture outside of China for Oceanwide. The developer bought the site last year for a reported $200 million from New York City-based Moinian Group.

“We feel that Downtown L.A. has become the most vibrant area of Los Angeles, and we look forward to helping accelerate its growth and adding to its renewed vitality,” Thomas Feng, CEO of Tohigh Construction Investment, Oceanwide’s local subsidiary, told LA Downtown News.

RTKL, which designed L.A. Live, is the architect on the project.

The acquired space has gone through many hands. Anschutz Entertainment Group owned the site but sold it to the Moinian Group in 2006 for $80 million.