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Chinese developer buys site near Staples Center, plans to build condos
Chinese developer buys site near Staples Center, plans to build condos

Another developer from China has entered the downtown Los Angeles real estate market with the $26-million purchase of property near Staples Center where it intends to build condominiums. Shanghai-based Shenglong Group bought 1201 S. Grand Ave. from Rafi and Danny Shaoulian in what was one of the highest per-foot prices ever paid for land in Los Angeles not already zoned for dense development, real estate broker Mark Tarczynski of Colliers International said. The site Shenglong bought at the southwest corner of Grand Avenue and 12th Street is 44,412 square feet, he said, putting the price at roughly $585 per square foot. Representatives of Shenglong Group could not be reached, but...

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