Chinese Firm Owns Hundreds of Empty L.A. Condos

Hundreds of residential units at the Metropolis complex in downtown Los Angeles remain vacant, owned by Greenland USA, the American subsidiary of Shanghai-based developer Greenland Holding Group. The Metropolis development, completed seven years ago, comprises two condo towers, a rental tower, and the Indigo Hotel, totaling over 1,500 residential units. Independent journalist Yoonj Kim, investigating rumors of the complex being a "ghost town," found that nearly a third of the condo units are vacant. These vacancies are attributed to either absentee Chinese investors who purchased units but never occupied them, or to properties that were never placed on the market by the developer. A review of property records for the two condo towers, located at 889 Francisco and 877 Francisco, revealed that in 2025, only 71 out of 844 units claimed a homeowners exemption. This exemption, valued at $7,000, is typically granted to individuals on their primary residence. While not all homeowners are required to claim this exemption, the rates at Metropolis are significantly lower than in comparable nearby condo buildings, which show exemption rates between 50% and 60%. Specifically, at 877 Francisco, only 6% of condo owners claimed the exemption, and at 889 Francisco, the rate was 13%. This suggests a substantial number of units are not being used as primary residences. Greenland USA continues to own hundreds of units across both condo towers. The developer's website includes a link to Weixin, the Chinese version of WeChat, indicating a strong connection to the Chinese market and its investors. The Metropolis project was marketed as a "vibrant oasis" offering residents ample spaces for gathering, entertaining, working, dining, and unwinding. However, the reality on the ground, as observed by Kim and verified by Realtor.com®, points to a significant underutilization of these luxury residential spaces. The presence of a state-backed Chinese developer holding a large inventory of unsold or unoccupied units in a prime U.S. real estate market raises questions about investment strategies, market dynamics, and the potential impact on local housing availability and affordability.