BBC Chinese recently reported that Chinese government backed real estate developer the Greenland Group will construct a multi-functional building for both commercial and residential purposes located in the Financial District of London. It will be the tallest building in Europe. The Commercial Estate Group (CEG) was the entity selling the land. The project is expected to be valued at 600 million pounds (around US$1 billion) after its completion. This latest Greenland development investment once again demonstrated the clear trend that more and more Chinese real estate developers are looking for international breathing room in order to fight a falling domestic housing market. The Greenland Group is the second largest real estate company in China. Not long ago, Greenland cut another deal in the United States for a US$5 billion development project in the middle of downtown Brooklyn, NYC.
Source: BBC Chinese, March 12, 2014