December 16, 2014 / 3:10 AM / 4 years ago

REFILE-China's Greenland Group says 2014 overseas sales to reach $3.9 bln, up 30 pct

(Clarifies entity in the headline as Greenland Group)

HONG KONG, Dec 16 (Reuters) - Chinese state-backed property developer Greenland Group said on Tuesday its overseas sales are likely to reach $3.9 billion this year, up 30 percent from a year earlier and exceeding its target, as the company diversifies overseas.

China’s second-largest residential developer said in a statement its investment in the U.S. reached $6 billion with its involvement in a $5 billion project in New York in which it holds a 70 percent stake - the biggest investment in the U.S. by a Chinese developer, according to Greenland.

In July, Shanghai-based Greenland said it aimed for overseas sales of 20 billion yuan ($3.23 billion) in 2014, doubling to 40 billion yuan in 2015.

Greenland is co-investing in the Atlantic Yards, a 22-acre residential and commercial real estate project in New York’s Brooklyn area, with U.S. partner Forest City Ratner Companies. The project is among the largest mix-used development in the city in 30 years.

Greenland also said it expects a project in Los Angeles to record 4 billion yuan sales this year and that it would look for opportunities in Chicago and San Francisco. (Reporting by Clare Jim)

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