Shanghai-based Greenland Group, one of the largest developers in China,
is turning its attention to the United States and Australia as it moves
to increase its overseas investments.
The company is looking to
invest in a project on the West Coast of the United States and is also
exploring a residential project in Melbourne, the Wall Street Journal
The company has already announced the purchase of a residential and
hotel project in Sydney from Brookfield Asset Management for $497
"We are interested in places where there are many Chinese people," chairman Zhang Yuliang told reporters.
The purchase in Sydney is backed by loans from Chinese and Australia banks, he said.
The company hopes to take advantage of the increasing number of Chinese immigrants and students studying abroad.
Zhang also said that government measures imposed to dampen the property
are necessary as housing prices are "excessive," the Journal reports.
will have to be taxed and they have to deal with it," Mr. Zhang told
reporters. "Property developers will also have to adapt and change their
products to cater more to first-time home buyers."