Greenland buys LA site

Greenland Group, a State-owned property firm, bought a piece of land in the downtown area of Los Angeles for $1 billion from the California State Teachers' Retirement System, one of the biggest US pension funds, the Shanghai-based firm said Friday on its official website. The purchase marks China's largest real estate deal in the US, the company said.

According to Greenland, construction on the site will begin in six to nine months. The development project will include hotels, offices, service apartments and residences, covering an area of 25,600 square meters.