China's Greenland Group to double overseas investment, sales

HONG KONG, July 21 Sun Jul 20, 2014 10:28pm EDT

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HONG KONG, July 21 (Reuters) - State-backed Greenland Group, China's second-largest property developer, aims to double its overseas sales to 40 billion yuan ($6.45 billion) in 2015 from this year, as it diversifies away from the overheated sector at home.

The parent of Hong Kong-listed Greenland Hong Kong Holdings Ltd also plans to double its overseas investment in the next two to three years, according to a company statement released on Saturday.

Earlier this year, Greenland Group said it aims to achieve overseas sales of 20 billion yuan in 2014, including sales from projects in Britain, the United States, Canada, Thailand and Malaysia. Chairman Yuliang Zhang said overseas sales will provide a new growth engine for the company.

Last Friday, the Shanghai-based company and Australia's Crown Resorts Ltd said they will jointly bid for Queen's wharf project to develop a luxury integrated resort. ($1 = 6.2063 Chinese Yuan) (Reporting by Clare Jim; Editing by Ryan Woo)

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