Shanghai-based Greenland Holdings, one of China’s largest property developers, has sold one of its showcase London projects, another signal that Beijing’s tightening of regulations is pushing the real estate sector to sell-off assets beyond China’s borders, reports the Financial Times.
Greenland touted a £600 million development opportunity when it purchased the Ram Brewery site in south-west London in 2014 for about £140 million, its first investment in the UK. The deal was agreed during a push by then prime minister David Cameron and then London mayor Boris Johnson to encourage Chinese investment.
Greenland is now backing away from completing the scheme having sold more than 300 homes. It has sold the remainder of the project to British housebuilder Berkeley Group for about £40 million, according to two people close to the deal.