Greenland starts construction of Atlantic Yards project

By Cherry Cao | December 16, 2014, Tuesday |

Online Edition

GREENLAND Holding has commenced construction on its over US$ 5 billion project in New York as the Shanghai developer is well on its track to achieve US$3.9 billion of overseas pre-sale for 2014.

The local developer, which has been aggressively seeking overseas expansion over the past few years, holds a 70-percent stake in the Atlantic Yards Apartment Project in Brooklyn, while Forest City Ratner, Greenland's partner in this project, takes the remainder.

The Greenland project, which the company said is the biggest deal of its kind by a Chinese developer in the US, is located on the Atlantic Yards site that includes the Barclays Center arena. As planned, the development, consisting of mostly high-end residential properties and some office and retail space and targeting both local and international buyers, will be launched for sale next year.

"Greenland remains positive on the US market as its economy continues to recover," said Zhang Yuliang, Greenland's chairman. "Demand in the real estate market, which has been gaining strength steadily, is robust while New York remains safe for long-term investment."

Coupled with its earlier US$1 billion investment in a mixed-use project in downtown Los Angeles, Greenland's total investment in US will exceed US$ 6 billion, the company said.

A couple of Chinese developers, including China Vanke and Wanda Group, have quickened their pace of overseas expansion as they are diversifying their portfolios with a focus on gateway cities such as London, Sydney, New York and Los Angeles.

Business Real Estate

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Greenland starts construction of Atlantic Yards project

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