Investment in Los Angeles real estate market falls

LOS ANGELES, Apr 02 (Xinhua): In the Los Angeles metropolitan, Chinese investment in commercial real estate slowed in 2017 following the imposition of capital controls, according to a report issued by real estate brokerage Cushman & Wakefield.

The report released last week showed that last year acquisitions by Chinese investors in Los Angeles area declined 67 per cent but an overall in commercial property investment reduced by only 1.0 per cent.

There are also some notable Chinese acquisitions, the report said, citing the 117-million U.S. dollars purchase of the Alhambra, a mixed-use complex of housing, offices and shops in Alhambra, a city 20 kilometres west of Los Angeles down town.

Another large deal was the 115-million U.S. dollars purchase of the DoubleTree by Hilton Hotel Los Angeles Downtown. "We welcome investors from all parts of the world come to invest in the United States, especially in the city of Alhambra. Investment brings jobs and economic prosperity which will greatly benefit the local communities." Stephen K. Sham, Mayor of Alhambra told Xinhua Saturday. Not only Los Angeles, Chinese investment to other four major U.S. markets, including New York, San Francisco, Chicago and Seattle, shrunk at the same time, with 55 per cent drop overall compared with year of 2016.