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Greenland banks on greener London pasture with 2 deals
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SHANGHAI Greenland Group Co has agreed to buy two residential projects in London for a total investment of 1.2 billion pounds (US$1.97 billion) as the Chinese developer continues to expand overseas.
“London saw a very active property market over the past few years with housing prices rising 10 percent on average last year,” said Zhang Yuliang, chairman of Shanghai Greenland. “We expect demand for homes to climb further this year with more individual investors showing interest in property purchases there mainly due to its stable investment return, high-quality assets as well as good liquidity.”
Its first acquisition in the UK was the purchase of the Ram Brewery development site in Wandsworth, London, from Minerva, a property investor and developer.
Covering a site area of more than 30,000 square meters, the 600-million-pound project is sold with planning permission for 661 new homes, which include a 36-story landmark tower providing 166 apartments as well as 9,500 square meters of commercial space for new shops, cafes, bars and restaurants, Greenland said in an e-mailed statement yesterday.
Greenland also invested 600 million pounds in its second project when it signed a framework agreement to buy a luxury residential project in Canary Wharf, a major business district in London. The project, covering a site area of 3,700 square meters and with total gross floor area of nearly 98,000 square meters, is expected to be the highest high-end apartment project in UK upon completion.
Greenland plans to generate 13 billion yuan (US$2.15 billion) this year from its overseas sales, a sharp rise from 3 billion yuan in 2013.
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