South San Francisco’s biggest waterfront project may soon be under new ownership. Kilroy Realty Corp. is in initial negotiations to buy the 21-acre first and second phases of the Landing at Oyster Point, the San Francisco Business Times reports. Kilroy Realty also will have first dibs for the last two phases of the projects. Developer Oyster Point Development, backed by China’s Greenland USA, bought the site less than a year ago for $171M.

The Chinese government has been cracking down on overseas investments, pressuring Chinese investors and developers to reconsider previous large deals. Anbang also is under pressure from the Chinese government to sell New York City's Waldorf Astoria, which it bought in 2015.

The $2B Oyster Point project is entitled for 2.25M SF of office along 42 acres of waterfront and OPD would like to add about 1,200 housing units for the last two stages of development. South San Francisco has yet to approve the housing portion. The deal could be terminated if the sale of Phase 1 has not occurred by Sept. 30, 2019.

OPD is expected to break ground on infrastructure work on Oct. 11. The first 508K SF phase of the project is planned to begin during the fourth quarter of 2018 with completion by mid-2020. The second 1M SF phase may begin toward the end of 2018.