China-based developer Oceanwide Real Estate Group said on Friday that it is entering the US property market with the planned $200 million buyout of a property project in California.
The developer said it would purchase the Fig Central project in downtown Los Angeles, opposite to the LA Lakers' home stadium Staples Center, through a fully owned subsidiary in Hong Kong.
The 18,700 sq m Fig Central project consists of a five-star hotel, high-end apartments and a shopping mall.
Oceanwide will finance the deal with internal resources, China Business News reported, citing sources within the company's board.
The move is part of Oceanwide's optimal asset allocation plan and seeks to provide stable return on investment, the sources said.
However, the company has also indicated that it faces several potential risks like the fluctuating property prices and exchange rates.
Oceanwide's third quarter reports showed a sharp increase in revenue and profits of nearly 60 percent in the first nine months. Sales revenue of the company during the nine-month period surged to 2.56 billion yuan ($422 million).
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