China's Greenland invests $3.3b in Malaysia property

Chinese state-run property developer Greenland Holding Group is investing US$3.3 billion in two Malaysia projects, the latest acquisition amid a string of overseas real-estate deals overseas, The Wall Street Journal reported. Shanghai-based Greenland will build residential and serviced apartments and hotels in the two projects in Johor state, south of West Malaysia, it said in a statement on Friday. The projects, one of which would be the biggest single project in the country, are located along the coast of the Johor Straits and have a combined gross floor area of 2.3 million square meters. The developer said it plans to start construction within six months.