Greenland to ramp up Australian expansion

Shanghai-based Greenland is speeding up expansion in Australia, setting its investment sights on Melbourne, Brisbane and Sydney.

The developer also plans to cash in some of its investment, launching units in Hong Kong and Singapore this month.

"We are looking for a few opportunities at the moment in Melbourne, Brisbane and Sydney, with total development values ranging from A$500 million (HK$3.58 billion) to A$3 billion," said Sherwood Luo, the managing director of Greenland Australia.

Lured by strong demand from Chinese buyers, the firm had invested in four projects - three in Sydney and one in Melbourne - worth A$1.5 billion, Luo said.

Of the three projects in Sydney, Greenland acquired two recently. It said last week that it had bought one site in the north and the other in Leichhardt in the inner west that together could provide about 450 flats.

The company is among the first big Chinese developers to expand beyond its home ground. Early last month, chairman Zhang Yuliang reportedly said the firm's overseas investments would reach 20 billion yuan (HK$25 billion) this year.

It also hopes to reap property sales of 20 billion yuan from overseas projects this year.