LOS ANGELES - Greenland USA, a branch of China's real estate developer Greenland, held on Tuesday the "topping out" ceremony of its first residential tower in downtown Los Angeles, placing the last steel beam on the 38-story tower.

It is also the first residential tower of the $1 billion Metropolis project. Located in downtown Los Angeles, the 6.3-acre(25495.2 square meters) project features three residential towers and a boutique hotel.

"As Greenland USA's first acquisition, the top-off of the first tower at Metropolis is a particularly proud moment for us," said Gang Hu, interim CEO, Greenland USA. "Once complete, Metropolis will invigorate the immediate area and create a whole new dynamic to downtown."

"To reach its full potential as an urban destination, it is critical that downtown Los Angeles expand its population beyond nine-to-five workers to 24/7 residents," said Taotao Song, general manager, Los Angeles, Greenland USA.

Residents could move into the first tower which houses more than 300 homes as early as the end of 2016, according to Song.

To mark the moment, Greenland USA's employees, partners and more than 500 construction workers signed the last beam.

Over the nearly three year construction period from 2014 to 2016, more than 2,200 full-time equivalent jobs have been created to support the development of Tower I, and more than 10,000 full-time equivalent jobs will be created for the property as a whole, according to Greenland USA.

"We worked hand-in-hand with Greenland USA to take this site from a parking lot to top-off in just under two years," said Mark Turner, senior vice president of the construction contractor Webcor.

"We're thrilled to take this moment to recognize our team for their hard work and dedication in bringing Metropolis, a project that will truly change the skyline of Los Angeles, to life."