China Property Giant Targeting U.S., Australia

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Shanghai-based Greenland Group, one of the largest developers in China, is turning its attention to the United States and Australia as it moves to increase its overseas investments.

The company is looking to invest in a project on the West Coast of the United States and is also exploring a residential project in Melbourne, the Wall Street Journal reports.

The company has already announced the purchase of a residential and hotel project in Sydney from Brookfield Asset Management for $497 million.

"We are interested in places where there are many Chinese people," chairman Zhang Yuliang told reporters.

The purchase in Sydney is backed by loans from Chinese and Australia banks, he said.

The company hopes to take advantage of the increasing number of Chinese immigrants and students studying abroad.

Mr. Zhang also said that government measures imposed to dampen the property are necessary as housing prices are "excessive," the Journal reports.

"Homes will have to be taxed and they have to deal with it," Mr. Zhang told reporters. "Property developers will also have to adapt and change their products to cater more to first-time home buyers."