Shanghai’s Greenland Group has finalised the acquisition of a 67,000 square metre Toronto condominium project as China’s most aggressive overseas developer continues to add to its global portfolio.
The Chinese state-run real estate company acquired the site of the planned King Blue Condominiums from Easton’s Group of Hotels and The Remington Group for an undisclosed amount. The project is to be renamed King Blue by Greenland, according to a joint statement by the parties involved.
The acquisition of the King Blue Condominiums, which is said to be a $360 million project, was first reported on Mingtiandi during March of this year.
Greenland Chairman Sold on Toronto
Greenland Group Chairman and President Yuliang Zhang said the robust Canadian condominium market and Toronto’s thriving downtown has created the ideal conditions for Greenland’s first Canadian real estate investment.
“Toronto is Canada’s economic and cultural capital as well as one of the strongest real estate markets in North America.” Mr. Zhang said. “We believe this city will continue to grow and thrive creating other investment opportunities for Greenland Group (Canada) in the Greater Toronto Area and beyond.”
In a conversation with Mingtiandi, Mark Suchy, Head of Capital Markets for Cushman & Wakefield in eastern China, who played a key role in brokering the transaction on behalf of the Chinese company said, “Greenland’s move into Toronto is no surprise after the company chose Canada as a target destination at the beginning of the year. Chairman Zhang is a firm believer in the long-term future of the Toronto market, particularly after his group’s recent sales successes in other overseas projects.”
The project is located at the corner of King Street West and Blue Jays Way in Toronto, and will consist of two towers, 44 and 48 storeys tall. The development also incorporates the historic Westinghouse factory which will also be converted into a hotel as part of the project.
Greenland Group Now China’s Biggest Overseas Developer
The King Blue Condominium announcement is the latest move in Greenland’s series of seven major international acquisitions in 2014, part of a nine-country global expansion over the past two years.
In March 2014, the company announced a $1 billion project along London’s Canary Wharf, and late last year Greenland acquired a portion of the $4 billion Atlantic Yards project in New York. The company has also acquired sites for development projects in Sydney, Melbourne, Los Angeles, Germany, Spain, South Korea, Thailand and Malaysia.
In all, Greenland Group has now taken on oversea projects in 12 cities across nine countries outside of China, and has developments in 80 cities within 29 Chinese provinces.