China real estate firm unveils US$1b project in LA

[LOS ANGELES] Shanghai-based Greenland Group unveiled new details of its US$1 billion Metropolis Los Angeles project at a ground-breaking ceremony on Friday.

The 6.33-acre project, located on Francisco Street between 8th and 9th Streets, is the largest undeveloped site in Downtown Los Angeles's Central Business District.

The project, one of the largest mixed-use developments on the West Coast, is expected to reshape the Downtown Los Angeles urban landscape. Phase I of Metropolis will include a four-star luxury hotel and a residential tower with units ranging from studio to two bedrooms, which are expected to be completed by 2016.