This paper studies the sum rate performance of a low complexity quantized CSI-based Tomlinson-Harashima (TH) precoding scheme for downlink multiuser MIMO tansmission, employing greedy user selection. The asymptotic distribution of the output signal to interference plus noise ratio of each selected user and the asymptotic sum rate as the number of users K grows large are derived by using extreme value theory. For fixed finite signal to noise ratios and a finite number of transmit antennas $n_T$, we prove that as K grows large, the proposed approach can achieve the optimal sum rate scaling of the MIMO broadcast channel. We also prove that, if we ignore the precoding loss, the average sum rate of this approach converges to the average sum capacity of the MIMO broadcast channel. Our results provide insights into the effect of multiuser interference caused by quantized CSI on the multiuser diversity gain.