In Los Angeles, Greenland's on its third condo broker, as buyers from China become scarce

From the Real Deal yesterday, Third time’s a charm? Greenland taps Polaris Pacific to replace the Agency at Metropolis. Yes, Greenland USA is now using its third brokerage--after Douglas Elliman and the Agency--to sell condos at the $1 billion, three tower Metropolis condo project, of which the first two towers are done.

It's not a small lift, given that Tower III has 736 of 1,500 total units and a reported 80% of 308-unit Tower I has been sold and there are no figures public on Tower II.

And today's Los Angeles Times, within an article about another developer's project, Construction at massive Oceanwide Plaza in downtown L.A. remains stalled, mentions global changes as affecting both Oceanwide Plaza (504 condos) and Metropolis:

The developers of both projects expected to sell many of their units to Chinese citizens looking for overseas investments, but the Chinese government’s squeeze on cash leaving the country has affected condo sales in Los Angeles.... 

It’s unclear whether that shift has been a financial strain, but Greenland late last year put its third, unfinished Metropolis condo tower on the market while construction continues. Completion is expected this fall.

Note that there's only one condo building in Atlantic Yards/Pacific Park, 550 Vanderbilt, which sold an initial chunk to Chinese buyers, and then ultimately to get quite creative, offering dramatic price cuts late last year.