Aim­ing high

China Daily (USA) - - FRONT PAGE - By WU YIYAO in Shang­hai wuyiyao@chi­

Shang­hai-based prop­erty de­vel­oper Green­land is to build Europe’s tallest res­i­den­tial build­ing in Lon­don.

Shang­hai-based de­vel­oper Green­land Group said a 67-story, 241-me­ter tower it is build­ing in Lon­don is set to be­come the tallest res­i­den­tial build­ing in Western Europe.

De­spite mar­ket con­cerns over un­cer­tain­ties about Lon­don’s real es­tate land­scape af­ter the Brexit ref­er­en­dum, Chi­nese devel­op­ers re­main con­fi­dent and op­ti­mistic about the fu­ture in the city.

The 800-mil­lion-pound ($1.06 bil­lion) de­vel­op­ment with a gross floor space of 98,000 square me­ters in West In­dia Quay at Ca­nary Wharf, known as The Spire Lon­don, will be the sec­ond-tallest build­ing in Lon­don when it is com­pleted in 2020, just sec­ond to the 310-me­ter Shard.

Zhang Yu­liang, chair­man and pres­i­dent of Green­land Group, said The Spire Lon­don is go­ing to be­come an unique part of the land­scape in Lon­don.

Zhang said the project is Green­land Group’s most im­por­tant in Europe so far, and it will pro­vide good qual­ity new hous­ing re­sources to Lon­don res­i­dents.

Price of the apart­ments are ex­pected to be­tween 595,000 pounds and three mil­lion pounds, ac­cord­ing to the devel­op­ers’ project prospec­tus. Sale of the apart­ments will start as early as Oc­to­ber this year.

Green­land Group pur­chased the land par­cel for The Spire Lon­don from Com­mer­cial Es­tates Group ear­lier this year, the sec­ond pur­chase it has made in Lon­don in re­cent years. In 2014, Green­land Group pur­chased a land par­cel at the Ram Brew­ery in Wandsworth Lon­don, which is ex­pected to be de­vel­oped into a res­i­den­tial com­mu­nity.

Green­land Group is not alone among Chi­nese devel­op­ers that would like to make their mark in Lon­don’s thriv­ing real es­tate mar­ket. In June 2013, Wanda Group an­nounced that it would de­velop the 203-me­ter-tall One Nine Elms, a res­i­den­tial com­mu­nity.

Re­searchers said that Chi­nese buy­ers’ de­mands for high-end over­seas prop­er­ties is a ma­jor as­pect of these devel­op­ers’ am­bi­tion and con­fi­dence in ex­pand­ing over­seas, par­tic­u­larly in cities with good ed­u­ca­tion re­sources.

A ma­jor factor in­flu­enc­ing Chi­nese peo­ple’s over­seas prop­erty pur­chases is their chil­dren’s ed­u­ca­tion and the prox­im­ity of real es­tate to de­cent schools, ac­cord­ing to a re­cent re­port is­sued by online over­seas prop­erty in­for­ma­tion plat­form

241me­ters heighth of the tower that Green­land Group is build­ing in Lon­don

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