China Greenland Sells $250 Million Sydney Apartments at Open

Greenland Holding Group Co., one of the largest Chinese investors in the U.S., sold about A$275 million ($250 million) of apartments at its first Australian project as buyers snapped up almost all of the units offered.

The state-owned developer sold 241 of 250 apartments released in the first stage of Greenland Centre, the 66-floor central Sydney tower expected to be the tallest in the city, said David Milton, managing director for residential projects at selling agent CBRE Group Inc. The most expensive was a three-bedroom unit on the 55th floor, which went for A$3.7 million to a Chinese buyer living in Australia, he said.