China firm buys tallest residential tower site in Europe

[LONDON] Chinese state-backed developer Greenland Group has snapped up the stalled site of Europe's tallest residential tower, in London's Canary Wharf financial district, after an earlier deal with an Irish property investor fell through.

The site on Canary Wharf's north-west corner was sold by Commercial Estates Group (CEG), which had permission to build a 242-metre tall building containing 700 homes, offices and shops.

Greenland yesterday said it had exchanged contracts with CEG to buy the Hertsmere site, which it expects to be worth £600 million (S$1.2 billion) when complete. The deal marks its second London acquisition in 2014, after it bought the site of the capital's oldest brewery in January.