…A prime hillside plot in the Hollywood Hills, which includes the landmark Yamashiro restaurant, has sold to a Beijing company for nearly $40 million, the latest in a wave of Chinese investment sweeping Los Angeles.
“Los Angeles is a fashionable city,” said JE Chairman Kang Jianyi, who was in Pasadena and spoke through a translator Tuesday. “The entire world knows Hollywood.”
The 7-acre property was marketed by brokerage Colliers International as a development opportunity, but Kang said new construction would not be “appropriate.”
Instead, he vowed to continue operating the restaurant and Hollywood Hills Hotel and Apartments. However, he said he is in negotiation with the current operators of Yamashiro, best known as a tourist destination, and that it was possible there would be a new restaurant operator…