Shanghai Greenland to foray into the US property market

Will IPO in Hong Kong this year as a prelude to expansion.

Shanghai Greenland Group Company Chairman Zhang Yuliang said the company will establish a Hong Kong subsidiary that will include some of its assets abroad, and list the unit on the Hong Kong Stock Exchange

Zhang did not say how much money the state-owned developer intends to raise in the IPO of is unit, which will focus on doing business in foreign countries.

The company joins other Chinese developers in doing business the U.S. as the Chinese government curbs residential property sales on the mainland.

Zhang, however, said Shanghai Greenland will invest in countries where Chinese go to the most.

 “We have strong brand awareness among Chinese customers and know well about what they really want.”

Shanghai Greenland expects revenue from its foreign business to reach some US$500 million this year. Zhang said the company targets property sales of US$24 billion this year, up 39% from 2012.