1 Day
Source:
New York Post
L.A. Ghost Condos Held by Chinese Firm
The Metropolis development in downtown Los Angeles, owned primarily by Chinese investor-backed Greenland USA, has over 1,500 residential units—many of which remain vacant nearly seven years after completion. Nearly a third of these units are owned by Greenland Development II LLC and appear to be unused, with some never listed for sale or rent. The vacancies are linked to the large presence of Chinese investment, including funds from EB-5 visa programs, and reflect broader trends of Chinese buyers reducing overseas investment amid economic challenges at home. Despite contributing significant property taxes, the unoccupied buildings highlight ongoing issues related to foreign ownership, investment strategies, and the region’s housing market dynamics.
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