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China Developer in $5 billion Project at Brooklyn Nets Arena
Brief:Greenland invest in the Atlantic Yards Apartment Project in Brooklyn,and Greenland will take a 70 percent stake in the development.
Greenland signed a memorandum of understanding on Oct. 2 with Forest City Ratner Cos. to develop the Atlantic Yards Apartment Project in Brooklyn. Greenland will take a 70 percent stake in the development, anchored by the Barclays Center, home of the National Basketball Association's Brooklyn Nets. It is the biggest deal of its kind by a Chinese developer in the U.S., Greenland said.

"The trend for Chinese developers to continue to invest in the property market abroad will depend on the returns they get in the first batch of such investments," Frank Chen, Shanghai- based head of China research at property broker CBRE Group, said . "The biggest challenge they face is not knowing the foreign markets well, so it's wise to work with local partners."

China's property developers are expanding overseas as the government maintains curbs on residential housing at home to cool prices. China Vanke, the biggest homebuilder listed on the mainland, said in February it joined a residential-property venture in San Francisco.

North Jersey.com
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