A 600-million-pound (922 million U.S. dollars) real estate project developed by Chinese Greenland Group in Wandsworth, London laid foundation stone on Thursday.
The Ram Quarter project, the Chinese leading developer's first scheme in Britain, covers an area of 30,000 square meters, with a total planned floor area of 90,000 square meters. Greenland aimed to develop it into a large scale residential complex, integrating apartments, affordable housing and commercial facilities.
"London, as an international financial center, provides an excellent environment for investment, giving us great confidence in future developments and investment," said Xu Jing, Greenland Group's Executive Vice President.
Xu said that the group's accumulative investment in London was expected to reach 1.3 billion pounds in the next few years.
Edward Lister, deputy mayor of the Greater London, said that the Ram Quarter Project will transform the area into "a very vibrant and exciting quarter."
"We are trying to build 50,000 homes a year in this city, we need partners like Greenland," he added.