Greenland says 2014 overseas sales to reach US$3.9b, up 30%
[HONG KONG] Chinese state-backed property developer Greenland Group said on Tuesday its overseas sales are likely to reach US$3.9 billion (S$5.11 billion) this year, up 30 per cent from a year earlier and exceeding its target, as the company diversifies overseas.
China's second-largest residential developer said in a statement its investment in the US reached US$6 billion with its involvement in a US$5 billion project in New York in which it holds a 70 per cent stake - the biggest investment in the US by a Chinese developer, according to Greenland.
In July, Shanghai-based Greenland said it aimed for overseas sales of 20 billion yuan in 2014, doubling to 40 billion yuan in 2015.
Greenland is co-investing in the Atlantic Yards, a 22-acre residential and commercial real estate project in New York's Brooklyn area, with US partner Forest City Ratner Companies. The project is among the largest mix-used development in the city in 30 years.
Greenland also said it expects a project in Los Angeles to record 4 billion yuan sales this year and that it would look for opportunities in Chicago and San Francisco.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents