Greenland plans to expand its business in the US

Greenland Holding Group, one of China's largest property developers, is planning to expand its business in the US by looking for new opportunities in San Francisco and Boston.

"We will concentrate on Los Angeles and New York, where we have had projects, and consider expanding to San Francisco and Boston if there are good prospects ," said Hu Gang, vice president of Greenland USA Holding.

Greenland just opened sales for its first project in New York. Called "Vanderbilt", the commercial complex is in Brooklyn and consists of apartments, offices, schools and a park.

Around half of the project will be sold to Chinese buyers, Hu said. The first sales will include 278 apartments ranging from 3.25 million yuan to 13 million yuan.

Greenland Group's sales totaled 240.8 billion yuan last year, making it the world's largest property developer in terms of sales. Its sales from overseas projects reached 15.3 billion yuan. So far, the company has done projects in nine countries outside China. Among its $20 billion yuan in overseas investment, $6 billion went to the US.