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Chinese developer invests $5 billion in Brooklyn
Simon Rabinovitch cnbc.com Greenland Group, a Chinese state-owned developer, will take a majority stake in New York's Atlantic Yards in a deal that is expected to be the biggest Chinese investment in U.S. real estate. Greenland will own 70 percent of a joint venture established with Forest City Ratner Companies to develop the vast commercial and residential project in Brooklyn, with the total investment likely to exceed $5 billion, according to the Chinese developer. Over the last year, Chinese real estate 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. to read more click here: cnbc.com
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