China's Greenland Group signs hotel deal

Greenland Group signed a memorandum of understanding with Melia Hotels International of Spain for a hotel asset swap that will help speed up the Chinese developer's expansion abroad.

Under the MOU, Greenland Group will exchange hotel assets with its Spanish partner, getting the Hotel TRYP Ambassador in Madrid and the Melia in Barcelona. The two hotels are valued at 1.5 billion yuan ($242 million).

The group is pressing ahead with an overseas push. It has signed nearly 10 projects in the US, UK, Australia and Thailand. The company has already purchased projects in South Korea and Australia.

Zhang Yuliang, president of the company, told National Business Daily that the finalized overseas investment for Greenland would reach 10 billion yuan this year.