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Greenland on way to US$3.9b in pre-sales
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GREENLAND Holding started construction of its US$5 billion project in New York which will help the Shanghai developer to achieve US$3.9 billion in pre-sales overseas this year.
The developer, which has been aggressively expanding overseas over the past few years, holds 70 percent of the Atlantic Yards Apartment Project in Brooklyn while its project partner, Forest City Ratner, takes the rest.
“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 ... is robust while New York remains safe for long-term investment.”
The project, which Greenland said is the biggest of its kind by a Chinese developer in the US, is located on the Atlantic Yards site that includes the Barclays Center arena. Targeting both local and global buyers, the project of high-end homes and some office and retail space will be launched for sale next year.
Together with its earlier US$1 billion investment in a mixed-use project in Los Angeles, Greenland said its total investment in the US will exceed US$6 billion.
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