China developer Greenland eyes Yangtze, Pearl river delta areas
Developer targets 10b yuan in foreign income next year as more mainlanders head abroad
State-controlled developer Greenland Group plans to focus on real estate projects in the Yangtze and Pearl river deltas over the next five years while expanding into the international property market, the Shanghai-based company says.
"Greenland would like to expand into other areas in China with some partners in the form of joint ventures or co-operation," Zhang Yuliang, the company's chairman and chief executive, said yesterday.
Zhang said the firm's overseas investments this year would exceed the 10 billion yuan (HK$12.7 billion) announced at the beginning of the year. He said he expected overseas businesses to generate more than three billion yuan in revenue this year.
"We hope income from overseas business will reach 10 billion yuan in 2014," Zhang said. "I'm pretty confident we can achieve the goal."
He said the company had the "rare opportunity" to invest in foreign property markets because "the market is huge as increasing numbers of Chinese people are migrating, investing, studying and travelling in other countries".
But the mainland would remain important to Greenland. "We won't give up the China market," Zhang said.