Greenland Group, a Chinese state-owned developer, will take a majority stake in the Atlantic Yards site in New York in a deal expected to be the biggest Chinese investment in US property.
Greenland will own 70 per cent of a joint venture with Forest City Ratner Companies to develop the 22-acre commercial and residential project in Brooklyn, with the total investment likely to exceed $5bn, according to the Chinese developer.
Over the past year, Chinese property companies have started breaking into the US as they look to new markets to diversify their businesses after focusing almost all of their investment on China for the past two decades.
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