Chinese property developer Oceanwide Real Estate Group on Friday said that it would make its first foray into the United States via a strategic acquisition. According to Los Angeles Times, Oceanwide will spend up to $200 million to buy a sprawling parking lot in downtown Los Angeles, across from Staples Center and the LA Live entertainment complex. The real estate group will develop a five-star hotel, apartments and retail space on the said site.

The 4.6-acre site at the southeast corner of 11th and Figueroa streets has already been approved by the city for a hig-end, mixed-use complex called Fig Central, the report said.

Oceanwide purchased the downtown LA property from New York-based real estate firm Moinian Group. Moinian bought the property from Staples Center owner Anschutz Entertainment Group for $80 million about seven years ago, LA Times said.

Oceanwide spokesman Wang Guolin told LA Times that his company also recently established an American subsidiary, Tohigh Construction, as part of its plans for the downtown LA development. Guolin, however, could not comment on when construction might start.