Greenland Group completed the acquisition of Guangzhou Greenland Real Estate Development for $1.12bn.

Greenland Group, a Fortune 500 real estate company, completed the acquisition of Guangzhou Greenland Real Estate Development for $1.12bn. Following the completion of this acquisition, Guangzhou Greenland has become a wholly-owned subsidiary of Greenland Hong Kong. Greenland Hong Kong said the deal is a rare opportunity to pick up a sizable portfolio in the Greater Bay Area, and to enter first-, second- and third-tier cities with investment value and growth potential. This will reinforce the group’s position as a “leading property developer in Pan-Pearl River Delta” and is expected to broaden its revenue base.