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October 11, 2013

Wall Street Journal: Chinese State-owned Property Developer to Buy 70% in NY Project

by Reuters

Chinese state-owned property developer Greenland Holdings Group agreed to buy a majority stake in a 15-tower apartment project, that would make it the largest commercial real estate development in the United States to get major backing directly from a Chinese company, the Wall Street Journal reported.
 
If the deal is approved, Shanghai-based Greenland will buy a 70 percent stake from Forest City Ratner Cos, which began the project and would continue to manage the development, the Journal said. The purchase price was not disclosed.
 
The project is expected to cost about $4 billion, including debt and the deal could be announced as soon as Friday, the Journal said.
 
A memorandum of understanding was signed last week, the Journal reported, but the deal is not final as it needs extensive negotiations over details and approvals from Chinese regulators.
 
Forest City Ratner Cos could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
 
The project includes apartment towers, an office building and retail space and is located in the Atlantic Yards site in Brooklyn, New York, the Journal said.