China's Greenland Holdings Group to invest $2bn in London projects

China's state-owned developer Greenland Holdings Group announced plans to invest about $1.9 billion in two residential projects in London. The first project will be in west London and the other in the Canary Wharf area, Xinhua News Agency reported. "London is the global financial center as well as the most open and diversified city that enjoys the most mature economic development, making it the first option for our investment in Europe," said company Chairman and President Zhang Yuliang,. "Due to the active trading in London local real estate market in the last two years, the average residential price rose by 10 percent in 2013, and the increase in demand is expected to continue in 2014." Xinhua said Greenland is one of the world's biggest developers with 600 million square feet of large-scale commercial and residential projects under construction in 80 cities throughout China and projects elsewhere including South Korea, Thailand, Australia and the United States. A recent Wall Street Journal report said in the United States, the high-profile Greenland has projects both in New York and Los Angeles. The firm has announced commitments of more than $10 billion in overseas projects.