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Chinese developer Oceanwide buying property in downtown L.A.

Chinese developer Oceanwide buying property in downtown L.A.

BEIJING — Chinese property developer Oceanwide Real Estate Group said Friday that it would make its first foray into the U.S. It will spend up to $200 million to buy a sprawling parking lot in downtown Los Angeles across from Staples Center and the L.A. Live entertainment complex and develop a five-star hotel, apartments and retail space.

The 4.6-acre site at the southeast corner of 11th and Figueroa streets has already been approved by the city for a high-end, mixed-use complex called Fig Central.

The project is "a very important step for our company to 'go abroad' and push forward the internationalization of our company," Oceanwide said in a notice to the...

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