Not surprisingly, the deal is likely less about neighborhood altruism and more about Chinese property developers’ drive to expand overseas. ...
Not surprisingly, the deal is likely less about neighborhood altruism and more about Chinese property developers’ drive to expand overseas. Greenland has invested about $20 billion in 13 cities outside of China since last year, and is just one of many mainland developers taking advantage of China’s loosening restrictions on overseas direct investments to get into US real estate. The Atlantic Yards project marks the largest overseas investment by a Chinese property developer to date.
It’s too bad that Chang’s comments about diverse and accessible housing don’t seem to apply to Greenland’s home base in China. Shanghai, where the company is based, and other Chinese cities have some of the least affordable housing in the world, pushing families and single workers into slum-like villages, overcrowded group apartments, and even underground homes. In China, Greenland is best known for building a 636-meter (2,087 feet) skyscraper for luxury apartments and office space in Wuhan. It will be China’s tallest skyscraper.
New York City is just one locale on Greenland’s list. The company is also building a $1 billion complex for hotels, apartments and luxury condos in downtown Los Angeles, and its chairman Zhang Yuliang said this week that it is looking to expand in itsexisting markets.
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It’s too bad that Chang’s comments about diverse and accessible housing don’t seem to apply to Greenland’s home base in China. Shanghai, where the company is based, and other Chinese cities have some of the least affordable housing in the world, pushing families and single workers into slum-like villages, overcrowded group apartments, and even underground homes. In China, Greenland is best known for building a 636-meter (2,087 feet) skyscraper for luxury apartments and office space in Wuhan. It will be China’s tallest skyscraper.
New York City is just one locale on Greenland’s list. The company is also building a $1 billion complex for hotels, apartments and luxury condos in downtown Los Angeles, and its chairman Zhang Yuliang said this week that it is looking to expand in itsexisting markets.
Read More
