Chinese state-owned property firm Greenland Holding Group is reported to be about to invest £1.2 billion in two property projects in London, and is keeping its eyes open for opportunities in Singapore.
The firm will reportedly acquire Minerva’s Ram Brewery in Wandsworth for an undisclosed price. A new development on the site would be worth £600 million, according to the LondonLovesBusiness website.
The other investment will be part of an apartment block on a 39,826 sq ft site in Canary Wharf, in the financial district of the U.K. capital.
“The prospect for our overseas property business is great. Rich and middle-class Chinese will be the main buyers of our projects,” Greenland Chairman Zhang Yuliang said in a statement.
He added that signs of an economic recovery in the U.K., as well as in the U.S., were helping drive the group’s overseas investment decisions. London fits the mold, as the focus remains on cities with "huge potential" for growth, the company said.
Greenland earlier reported it is looking to invest US$5 billion to US$8 billion in new projects abroad this year, and that it is specifically looking to places like Canada, France and Singapore.
Andrew Batt,
International Group Editor of PropertyGuru Group, wrote this story. To
contact him about this or other stories email andrew@propertyguru.com.sg
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