Greenland to remake Seoul skyline

View of a signboard of Greenland Group at its headquarters in Shanghai, August 5, 2014.[Photo/IC]

Greenland Group said on Monday it plans to invest more than 20 billion yuan ($3.22 billion) to build the tallest twin tower in Seoul, the latest massive project by the Chinese State-backed developer overseas.

Greenland said that it had signed a memorandum of understanding with the Seoul government on Monday, and the project will serve as its headquarters in South Korea.

"Economic and trade ties between the two countries will further expand, and the related demand will give a big push to South Korea's real estate market", the Shanghai-based company said in a statement.

It cited such factors as currency trading. South Korea started direct yuan/won trading on Dec 1.

Greenland said that it expected sales from South Korea to reach 4.5 billion yuan this year. The group entered the country in 2012, and it has projects on the island of Jeju.

The company said that total overseas sales will likely exceed its target to reach $3.9 billion this year, up 30 percent from 2013.

Greenland announced last week its investment in the United States had 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.

Chinese developers are increasing investment overseas as property prices continue to slide in the Chinese mainland and land prices remain expensive.