A Chinese company that is among the world’s largest residential property developers has bought its first site in Britain at a cost of £80m.
Guangdong-based Country Garden partnered with a Hong Kong fund for the acquisition of the Ailsa Wharf site in east London, which has been approved for development into a £400 million project of thirteen housing blocks ranging from three to 16 stories high.
The sellers, British developers Galliard Homes and Lindhill, spent five years acquiring the 270,000 square foot (25,084 square metre) site from several landowners.
Through the acquisition, Country Garden builds on a portfolio of overseas housing projects that includes developments in Melbourne and Sydney, as well as its $100 billion Forest City mega-project in Malaysia and projects in Thailand and Hong Kong.
