LOS ANGELES-In what’s believed to be the biggest US deal yet for a mainland Chinese developer, the Shanghai Greenland Group Co. has acquired a stake in a huge vacant downtown lot near L.A. Live.

The state-owned developer plans to invest $1 billion in a mixed-use project. The project site, known locally as the Metropolis site, is a six-acre, 275,450-square-foot parcel of land on 8th St. near the L.A. Live entertainment complex. The land is bordered by 8th and 9th streets, with the Harbor Freeway as its western boundary.

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