As the third fastest growing company in the world, Chinese developer Greenland Group has easily invested AUD$1.6 billion into local real estate projects since it began operating on our shores in 2013. The company has current real estate projects in 90 cities across China and 13 cities in nine countries, including the US, Canada, UK, Germany, Spain, South Korea, Thailand and Malaysia. In Australia, it has plans to move into the Melbourne and Brisbane markets this year.

Asked why Greenland Group decided to enter the Australian property market in 2013, Managing Director of Greenland Australia Sherwood Luo says the firm saw our market was growing strongly and that now was the perfect time to enter the Australian market as part of their global plan for overseas expansion. "Being the third fastest growing company in the world, we have the capacity to go abroad to do investment and with overseas markets including the Australian market," says Luo. “Just as the recent free trade agreement signing between Australia and China signals the capability of two nations, Australia and China, cooperating to form mutually beneficial relationships on a global scale, the Australian development industry can also follow suit on a local scale."

Greenland is currently marketing its Lucent North Sydney project in Sydney, Shanghai, Hong Kong, Malaysia and Singapore. Luo says approximately 30% of the apartments remain in the development, which is scheduled for completion in the third quarter of 2016. The company says the development will "set a new benchmark for five-star luxury living in North Sydney," and it includes resort-style facilities like an infinity edge pool that looks over the harbour. Greenland is also creating Sydney's tallest residential tower, Greenland Centre Sydney, which will feature 488 high-end apartments. Built by Brookfield Multiplex, the development is scheduled for a 2018 finish and Luo says only 5% of units remain.

Asked what he thinks of talk the Sydney apartment market is at a peak, Luo says, "I refute these claims as developers have been playing catch-up after a long period of undersupply in Sydney. Solid population growth from natural increase and high net migration, which is supported by ABS statistics, indicates there is strong demand from local investors. In addition, we are also finding demand is being driven by overseas investors, particularly from Chinese/Asian buyers looking to invest in Australia. As long as the demand for property in Sydney is strong, we will continue to provide housing to satisfy that demand."

In 2015, the company plans to enter the Melbourne market with a proposed mixed-use residential development at Flemington Racecourse. "We're aiming to set a benchmark for residential markets in the city," says Luo. The proposed development consists of two precincts, Epsom, which sits at the junction of Racecourse Road and Epsom Road, and Flemington Hill, located at the main gate of the racecourse.

In February, Greenland will find out if its joint bid in conjunction with Crown Resorts for the Brisbane’s Queen’s Wharf Project was successful.

"Our development strategy in Australia is a long-term investment strategy," says Luo. "We will continue to invest in major cities with large tourism and business growth including Sydney, Melbourne and Brisbane."

This article comes from RE Talk Asia.