China's Greenland to buy stakes in Brooklyn apartments

Chinese state-run property developer Greenland Holdings Group has agreed to take a 70% stake in a major Brooklyn real estate project from Forest City Ratner, The Wall Street Journal reported. Located in the Atlantic Yards site that includes the Barclays Center arena, the project is expected to cost nearly US$4 billion, including debt. The deal could be announced as soon as this Friday. Beijing has encouraged Chinese companies to go abroad to help diversify the country’s foreign-exchange reserves. Developers also view investing in the US as a way of diversifying their portfolios, particularly at a time when concerns are rising of a slowing Chinese economy.