Leading Global Real Estate Developer Acquires King Blue Condominiums in Toronto
TORONTO, SEPTEMBER 16, 2014 —
One of China’s leading developers has made a dramatic entry into the Canadian real estate market.
Greenland Holding Group Co., a Shanghai-based multinational company with major operations across multiple sectors including real estate development, commercial and hotel operations, energy, finance and the sports industry, has acquired Toronto’s King Blue Condominiums from Easton’s Group of Hotels and The Remington Group. Purchase price has not been disclosed.
The project, renamed KING BLUE BY GREENLAND is located at the corner of King Street West and Blue Jays Way. It consists of two towers, 44 and 48 storeys tall. The development also incorporates the historic Westinghouse factory building, a Toronto landmark that has graced the bustling intersection since 1927, which will also be converted into a hotel.
Greenland Group Chairman and President Yuliang Zhang said the robust Canadian condominium market and Toronto’s thriving downtown has created the ideal conditions for Greenland’s first Canadian real estate investment.
“Toronto is Canada’s economic and cultural capital as well as one of the strongest real estate markets in North America.” Mr. Zhang said. “We believe this city will continue to grow and thrive creating other investment opportunities for Greenland Group (Canada) in the Greater Toronto Area and beyond.”
Greenland Group has always regarded real estate as a leading industry in the global economy, and has developed international projects across 12 cities in nine other countries around the world, along with developments in 80 cities within 29 provinces in China.
In 2014, Greenland Group ranked 268th in the Fortune Global 500 list, up 91 places from its ranking in 2013.
Greenland Group constantly revives city skylines with its corporate vision and has become the leading developer of ultra-high-rises in China. There are currently 23 ultra-high-rise buildings completed or under construction by Greenland, four of which are among the top 10 tallest buildings in the world. All have become new landmarks in their respective cities around the globe. Two of these 23 buildings are in London, England and Sydney, Australia.
“Greenland is committed to the highest standards of quality and customer service, an approach that will continue to guide our development work as we see this incredible live-work-play community through to completion,” added Greenland Group (Canada) President Henry Cao.
Today’s King Blue Condominium announcement follows Greenland’s six other major international acquisitions in 2014, part of a nine-country global expansion over the past two years which includes projects in the United States, Australia, Canada, United Kingdom, Germany, Spain, South Korea, Thailand and Malaysia.
In 2013, Greenland reached $500 million in overseas revenue, greatly exceeding their projections. In 2014, the internationalization strategy of the group was accelerated to expand its business to a number of new countries. The total investment overseas is expected to increase by (US) $10 billion this year.
In March 2014, the company announced the development of a (US) $1 billion project in London’s Canary Wharf district, the company’s continuing foray into the UK real estate market. At the end of 2013, Greenland announced the investment into a project named Atlantic Yards located in the centre of Brooklyn, NY now known as Pacific Park, adjacent to the Barclays Center and the largest shopping center in Brooklyn. The development is the largest real estate project in New York in over 20 years. The project will cover 600,000 square meters buildable area with a total investment of (US) $6.6 billion.
David Eisenstadt / Carol King
416-696-9900 ext. 36 / 25
About Greenland Group
Since its founding in 1992, Shanghai-based Greenland Holding Group Co., has established a diversified structure through both industrial and capital operations, which generated $54 billion USD in revenue in 2013. The Group ranked 268th on the Fortune Global 500 list in 2014, up 91 spots from the previous year.
Greenland Group is a leader in real estate development in terms of scale, product type, quality and brand awareness, especially the development of ultra-high-rise buildings, large urban complexes, industrial parks and business districts surrounding high-speed railway stations. Currently, there are 23 ultra-high-rise landmark buildings under construction or completed by the Group, four of which are among top 10 tallest buildings in the world. Greenland’s projects cover more than 80 cities in 29 provinces, municipalities and autonomous regions of China. Greenland Group has steadily expanded its overseas operations to 12 cities in nine countries on four continents, including the United States, Australia, Canada, United Kingdom, Germany, Spain, South Korea, Thailand and Malaysia.
About Easton’s Group of Hotels
Easton’s Group of Hotel’s has been in the real estate and hospitality industries for over 35 years. Entrepreneur Steve Gupta began with residential apartment buildings in the 1980s, owning over 7,000 apartment units in 60 buildings across Ontario. He transitioned the company into building upper mid-scale niche hotels in Ontario and Québec and over the years, built approximately 3,000 hotel suites including 1,000 extended stay suites with full kitchens (same as condos). With a strong team, the company has developed and operated an award-winning portfolio under the Marriott, Hilton and Holiday Inn brands in Ontario and Québec. In 2011, Easton’s launched their first condo project, King Blue. Their second project, Dundas Square Gardens, at the corner of Dundas and Jarvis Sts. also in Toronto, is almost sold out in just five months after coming to the market and becoming one of the fastest selling condo projects in the GTA. As part of its commitment to the area, Easton’s Group is donating $1,000 to nearby Ryerson University for every suite sold, topping out this significant donation at $1 million.
About The Remington Group
For more than 60 years, The Remington Group has influenced the urban and suburban landscapes in Ontario. The Remington Group Inc. is a Canadian company comprised of five integrated operating divisions including industrial and commercial construction, residential construction, land development, property management, and finance and administration. The Remington Group Inc., continues to grow with a commitment to innovative building and operational concepts. For more information on The Remington Group, please visit www.remingtonbuilds.com