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Greenland sets up a securities firm to diversify
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GREENLAND Financial Holdings Group, the financial investment arm of Shanghai-based real estate developer Greenland Holdings Corporation Ltd, today announced the establishment of a securities company to diversify financial business portfolio and fortify its presence in the financial industry.
Based in Hong Kong, Greenland (Asia) Securities Ltd, has obtained business licenses that enable it to provide securities investment consulting services as well as to manage securities and funds for clients.
The securities company is planning to set up an overseas Real Estate Investment Trust (REIT) with an initial scale of US$4 billion to US$6 billion. The fund will invest in logistics real estate, hotels and overseas property projects.
It's also to establish an equity investment fund with an initial size of US$3 billion to US$5 billon, eyeing worldwide investment opportunities in healthcare, lifestyle and leisure sectors.
It will cater to mainland high net worth individuals' demand to allocate asset globally while providing hedging services to investors in Japan, Europe and the Middle East, the company said.
"The establishment of Greenland (Asia) Securities will inject Greenland Finance with momentum to develop its overseas business and to further link capital market between mainland and Hong Kong," Geng Jing, chairman and president of Greenland Finance said in Shanghai today.
The move followed Greenland Finance's acquisition of a 20 percent stake in Hangzhou Industry and Commerce Trust last year. Greenland is also seeking to obtain insurance and banking licenses by acquisition and other ways as it's striving to create a whole-chain financial service platform and diversify its development.
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