Greenland Holdings Group Co., a Shanghai-based state-owned enterprise, announced on January 7 that it signed an agreement to invest $2 billion in two properties in London. Plans for one property in Wadsworth include the construction of a 36-story tower with 166 apartments, shops, bars, and restaurants. Plans for the other project, located at Canary Wharf in the city’s financial district, also include the construction of an as-yet undisclosed number of apartments.
This is Greenland’s first investment in the United Kingdom, but it is not its first investment in real estate abroad. In 2013, Greenland announced that it was investing $957 million in assets in Australia and another $1 billion in a downtown Los Angeles project in the United States.
Greenland joins several other Chinese companies who have invested in London real estate. Dalian Wanda Group announced this past June that it is building a luxury hotel and apartments on the South Bank of the River Thames. In November, the China Investment Corporation announced its purchase of a west-London office park for $1.28 billion.