While Shanghai’s Greenland Group was grabbing headlines this week with its billion dollar London deals, Beijing-based Macrolink Real Estate quietly secured deals worth a total of RMB 640 million (US$105 million) in Malaysia and South Korea.
The Shenzhen-listed firm’s Hong Kong unit is setting up a joint venture with a South Korean partner to acquire RMB 340 million (US$56 million) in land on South Korea’s Jeju island, according to a company filing with the Shenzhen Exchange. Jeju is the South Korean resort island where, in an announcement in December, Greenland revealed plans to build its US$1 billion Jeju Dream Tower.
In Malaysia, Macrolink has plans to spend RMB 300 million (US$49 million) to acquire land for a holiday resort in the state of Johor and to open a real estate company in the country.
Earlier in the week, the modest-sized developer had already announced that it had won a land auction in Xining, the capital of China’s Qinghai province, to buy several new plots for a total of RMB 220 million ($36 million).