Greenland, a Chinese province, invests in a project in New York.

Greenland Holdings, a Chinese property developer, is seeking to invest in a 15-tower New York residential project as part of its expansion into the United States. According to the Wall Street Journal, the Shanghai-based developer has inked a memorandum of understanding to buy a 70% stake in the Atlantic Yards Apartment Project in Brooklyn, making it the largest commercial real estate development to get Chinese support. rent in qatar

In a statement, Atlantic Yards developer Forest City Ratner said the joint venture encompasses "both phase one and phase two of the project — excluding Barclays Center and the first housing tower, B2 — comprising infrastructure, a platform, and residential units."

Forest City executive chairman Bruce Ratner said in a statement that the cooperation will allow the company to complete the project "more rapidly, which is crucial for Brooklyn and the entire city."

Greenland is one of a number of Chinese real estate development enterprises that are increasing their abroad investments. Greenland declared earlier this year that it intends to increase investment from China. This summer, the business made its first investment in the United States, purchasing a $1 billion interest in a Los Angeles property.

In a statement, Greenland chairman Zhang Yuliang said, "Greenland retains a bullish outlook on the US market." "The economy in the United States is improving. In the market, there is plenty of liquidity."

The Atlantic Yards project's acquisition price has not been revealed.

According to the Wall Street Journal, Greenland will buy a 70% stake in the project from Forest City Ratner Cos., which started it and will continue to oversee it.

According to Frank Chen, Shanghai-based head of China research at property broker CBRE Group Inc., "the tendency for Chinese developers to continue investing in the property market abroad would depend on the returns they get in the initial batch of such investments." "The largest issue they encounter is a lack of familiarity with other markets, so working with local partners is a good idea."

The Barclays Center arena will be the centerpiece of the project, which is projected to cost around $4 billion in total, including debt. To present, Forest City has committed $500 million on the 22-acre project. According to the Wall Street Journal, the corporation has committed to spending hundreds of millions of dollars on land and infrastructure.

Roughly 6 million square feet of residential space with about 6,400 units, 247,000 square feet of retail space, and approximately 336,000 square feet of office space will be included in the project.

The first 32-story residential skyscraper began construction at the end of 2012. According to Bloomberg, half of the 363 units will be designated for low-, moderate-, and middle-income people. One office building and retail space will be included in the project.