Greenland Hong Kong Holdings Ltd. (337), part of Chinese state-owned Greenland Holding Group Co., announced yesterday that it will partner with fellow state-run developer, China Resources Land Ltd. (1109) to develop a Shanghai site it bought last month for 5.95 billion yuan ($985 million).
According to a statement filed with the Hong Kong Stock Exchange, the two companies will form a 50-50 venture for the site in the city’s Huangpu district, with China Resources paying $1 for the stake and assuming half of the project costs.
Greenland Group has been among the most aggressive among China’s real estate developers at acquiring new projects in recent months with the Shanghai-based firm scooping up developments in both domestically and overseas. Last week Greenland agreed to pay US$984 million for the historic Ram brewery site in London, as well as picking up a project along the city’s Canary Wharf for a similar amount.
During 2013 the Group took on a number of new developments overseas including the US$1 billion Metropolis site in Los Angeles, and the US$4 billion Atlantic Yards project in Brooklyn, as well as developments in Sydney, Melbourne and South Korea.