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Greenland tops the height in Seoul
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THE Greenland Group, China’s second-largest residential developer, said yesterday that it plans to invest over 20 billion yuan (US$3.2 billion) to build the tallest twin tower in Seoul as the company continues to expand overseas.
Located in the South Korean capital’s Mapo-gu District that has a concentration of media-related companies, the twin tower project covers an area of 620,000 square meters.
“As China and South Korea have completed negotiations over a free trade agreement and introduced the direct exchange between the yuan and won, the economic and trade ties between the two countries will further improve and related demand will push South Korea’s real estate market forward,” the Shanghai-based company said in a statement.
Greenland said its property sales in South Korea are likely to reach 4.5 billion yuan this year.
Last week, the Shanghai developer said its total investment in the US will exceed US$6 billion. It will also achieve US$3.9 billion in pre-sales overseas by the end of this year, an increase of 30 percent from last year.
It unveiled last Wednesday a US$5 billion project in New York in which it holds a 70 percent stake — the biggest investment in the US by a Chinese developer.
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