A Chinese state-owned developer has announced investments of $1.97bn in two London development projects.
The Shanghai-based group, Greenland Holdings, signed a contract with Minerva, the property investment and development group, to purchase the Ram Brewery development site in the Wandsworth area of London.
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The transaction is Greenland’s first acquisition in the UK, with a total investment value of about $985m.
“Greenland has investments in almost all the Chinese cities, so globalisation is a necessary choice for big companies like us,” Zhang Yuliang, chairman and president of Greenland Group, told China Daily.
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