Another Chinese developer has announced its arrival into the US real estate development scene. Shanghai based ShengLong Group has announced a luxury 37 storey development for downtown Los Angeles.
The ambitious Chinese developer is already active overseas with projects in Sydney and Perth in Australia and will soon be entering the European market through a new UK subsidiary.
The planned Los Angeles condominium is located on Grand Avenue and 12th Street and reports have mentioned units would be priced from $600,000 up to $4 million, which will equate to about $1,000 per square foot. The developer believes downtown LA offers huge potential for growth across the residential market.
Rather than launching in Asia the ShengLong Group is of the opinion that the domestic market will be robust enough to absorb all of the proposed 130+ units.
