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Richard Meier
Chinese developer's $420-million purchase of Robinsons-May site closes
Chinese developer's $420-million purchase of Robinsons-May site closes

Underscoring the rapidly growing influence of Asian investments in the region, a Chinese investor group has sold one of the most desirable properties in the country to a development firm from China. The $420-million deal clears the way for a long-planned luxury condominium and retail development on the former Robinsons-May department store site on Wilshire Boulevard in Beverly Hills. The transaction — one of the largest in recent years — comes as Asian investors, mostly from China and Singapore, are buying existing buildings at an increasing pace and starting to do their own new large-scale development. Asian investors spent $1.3 billion on Los Angeles buildings in the...

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