HONG KONG, Sept 23 Greenland Holdings
, China's fourth-biggest homebuilder, said it is
looking at acquisition opportunities in the bank and insurance
sector and is hoping to expand further into infrastructure as it
looks to diversify its business.
Executives for the company said that after so many years of
property development in China, the sector needed to look for new
drivers of growth.
The Shanghai-based developer is looking at acquisitions in
China and overseas, Greenland deputy general manager of
strategic planning Martin Li told Reuters in an interview.
It expects its finance businesses to continue to account for
one-third of its revenue, while its property business will
account for about half. Infrastructure and its consumer-oriented
businesses will account for the rest.
Greenland's infrastructure business is expected to post more
than 100 billion yuan ($15 billion) revenue this year and it
aims to expand into sewage treatment, highway and city transport
"PPP (public-private partnership) is a new business model in
China," said Jimmy Wang, director of Greenland's general office.
"More than 10,000 PPP projects have been approved in the nation
As part of its infrastructure push, Greenland this week
lifted its stake in a garden design service provider, which has
since been renamed China Greenland Broad Greenstate Group
It also set up a brokerage unit in Hong Kong, aiming to
manage assets worth over $10 billion in three years.
Wang also said the company will deepen its investment in
"first-tier cities in first-tier countries", including in
Britain despite its decision to leave the European Union.
($1 = 6.6697 Chinese yuan)
($1 = 7.7551 Hong Kong dollars)
(Reporting by Clare Jim; Editing by Edwina Gibbs)