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Chinese Developer Buys First Canadian Condo Tower Amid Boom

Greenland Holding Group Co., a Shanghai-based developer owned by the Chinese government, said it bought King Blue, a two-tower condominium project in Toronto, its first purchase in Canada.

Greenland Holding bought the planned development, which includes 44 and 48-story towers, from closely held Easton’s Group of Hotels Inc. and The Remington Group Inc. for at least C$100 million ($91 million), according to Easton’s Chief Executive Officer Steve Gupta.