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Greenland says 2014 overseas sales to reach US$3.9b, up 30%

An artist’s impression of the proposed shopping mall in Guangzhou, China, to be acquired by Capitamalls Asia (CMA) from Greenland Real Estate, a subsidiary of Shanghai-based Greenland Group.

[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.