Chinese developer Greenland to diversify into brokerage, banking

A woman stands on an overhead bridge near the construction site of "Kaisa Plaza", then named "Changan No. 8" (L), on a hazy day in Beijing's central business district in this July 28, 2012 file picture. REUTERS/Jason Lee/Files

Chinese property developer Greenland Holdings Corp. is planning to diversify into a securities and investment firm with an aim of managing $10 billion of assets within three years.

Greenland, which is building China’s second-tallest skyscraper, has established a securities arm based in Hong Kong, it said in a statement Tuesday. The firm will also apply for an investment banking license in the city when conditions are “ripe,” said Geng Jing, president of Greenland Financial Holdings Group.

Greenland’s move underscores Chinese developers’ growing appetite for more lucrative business as soaring land prices and rising debt costs erode earnings, even as home sales rebound. China Evergrande Group last month said it is seeking to acquire brokerages and trust companies, extending a shopping spree even after first-half profit fell 23 percent.

“While many builders are tapping into financial businesses, they often position it as a resource for funding,” Geng said in an interview in Shanghai. “Our goal, instead, is a financial company focusing on growing returns.”

The newly established financial unit will first set up overseas real estate investment trusts, or REITs, with total assets of $4 billion to $6 billion, according to the statement. It will also set up an equity investment fund targeting medical and leisure industries, in an initial size of $3 billion to $5 billion.

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Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.