SINGAPORE/LONDON Jan 7 China's Greenland
Holding and Macrolink announced on Tuesday property deals worth
more than $2 billion from Britain to South Korea as Beijing's
efforts to rein in housing prices force Chinese firms to try
their luck overseas.
The deals come as the Chinese government steps up measures
to cool the country's real estate sector, which has seen prices
soar in major cities.
State-owned Greenland Holding Group Co said it would invest
1.2 billion pounds ($1.97 billion) in two schemes in London in
its first foray into Britain.
It is buying the site of London's oldest brewery, the 7.75
acre Ram Brewery in south-west London, from property investor
Minerva. The site, which has permission for apartments and
shops, is expected to be worth 600 million pounds when
In a second deal Greenland will invest 600 million pounds to
build apartments on a 3,700 square metre site in London's Canary
Wharf financial district, it said.
In a separate announcements, Macrolink Real Estate Co Ltd
said it planned to invest almost 900 million yuan in
property ventures in South Korea and Malaysia.
Beijing-based Macrolink's Hong Kong unit is setting up a
joint venture with a South Korean partner with a total
investment of 200 million yuan, with plans to acquire a land in
South Korea's Jeju island for about 340 million yuan, it said in
a filing on the Shenzhen stock exchange.
"Setting up an overseas venture is part of our strategic
plans to go global," Macrolink said. "There will be some
challenges in future, but the company will make prudent
decisions to minimise risks."
Macrolink also plans to acquire a piece of land for 300
million yuan in Malaysia's Iskandar economic zone, home to the
Legoland theme park. It will also set up a real estate firm in
the southeast Asian country for 50 million yuan.
Major Chinese developers that have been looking outside
China include China Vanke Co Ltd, Guangzhou R&F
Properties Co Ltd and Country Garden Holdings Co Ltd
. They have been investing in real estate projects from
Los Angeles and London to Sydney and Pattaya as part of