Greenland sales to hit $4b

Chinese State-backed property developer Greenland Group said on Tuesday its overseas sales are likely to reach $3.9 billion this year, up 30 percent from a year earlier and exceeding its target, as the company diversifies overseas.

China's second-largest residential developer said in a statement its investment in the US reached $6 billion with its involvement in a $5 billion project in New York in which it holds a 70 percent stake - the biggest investment in the US by a Chinese developer, according to Greenland.

Greenland also said it expects a project in Los Angeles to record 4 billion yuan in sales this year and that it would look for opportunities in Chicago and San Francisco.