The Chinese state-owned property developer Greenland has revealed plans to expand further in the UK as it exchanges on a £600m residential project in Canary Wharf.
In JLL’s latest residential report, Greenland UK’s general manager Wenhao Qian said the group attached “great importance” to its development in the UK and would actively seek more opportunities in the UK.
He said: “In 2014, Greenland’s overseas operations will be driven by the need to ‘expand and enhance’. On the one hand, while cultivating the high-quality market, Greenland will invest further in the countries and cities with promising prospects and where it is already stationed. On the other hand, Greenland will endeavour to explore new potential markets, to form a more optimised and rational structure of overseas investment.”
However, he warned of significant differences between the UK and China in terms of local economic development, urbanisation, consumer culture, consumer habits and laws and regulations.
Wenhao said: “If this is not clearly recognised, the successful experiences of the past could blind Chinese developers if the research of new markets is ignored.”
Greenland has confirmed it has exchanged contracts to buy the Hertsmere development site in Canary Wharf from Commercial Estates Group, on behalf of the vendor. It is the group’s second major London acquisition after it purchased the Ram Brewery site earlier this year.
Proposals for Hertsmere comprise a 242m residential tower that is expected to include circa 700 flats along with retail, leisure and commercial space. It is set to be the tallest luxury apartment building in the UK.
Greenland has approximately 600m sq ft of commercial and residential projects currently under construction in 80 cities throughout China as well as real estate projects in Jeju in South Korea, Pattaya in Thailand, Sydney and Melbourne in Australia and New York and Los Angeles in the US.
Qian added: “The Greenland Group has put every effort into this very significant project, Hertsmere House. Located in the core area of Canary Wharf with convenient surrounding transportation links, a full range of retail and leisure facilities as well as the 242m landmark luxury residential tower, this project has been designed to appeal to both domestic UK purchasers in London and also worldwide.”
JLL’s head of residential land, James Thomas, which acted for the vendor, said that the sale “continues to highlight the ongoing overseas investor appetite for landmark London residential development projects”.
