Greenland Group gets green light to list on China’s A-share market
Greenland Group has just been given approval from the China Securities Regulatory Commission to list on China’s A-share market, heralding a new historical chapter for the global property giant. Once successfully listed, Greenland will be the largest Shanghai state-owned property enterprise on the A-share market.
On 23 April 2015, Greenland’s parent company, Shanghai Jinfeng Investment Company, announced the commission had approved a significant assets swap and new share issuance for the property company – a decisive step towards Greenland’s future listing.
The news demonstrates iconic reform of state-owner enterprises by Shanghai Municipal Government’s State-owned Assets Supervisions and Administration Commission is afoot. Following the announcement, Jinfeng Investment’s (600606) share price jumped 37% achieving its highest trading price of 26.35 per share.
“Greenland’s rapid development is a result of continual innovation and an ability to grasp every precious opportunity at each stage,” said Yuliang ZHANG, President and Chairman of Greenland Holding Group Company Ltd.
“This historic step is a natural extension of Greenland’s years of market reform and diversification of ownership. It is crucial to the company’s further development,” he explained.
“The granting of approval shows Greenland’s leading industry position, diversified business portfolios, innovative business patterns and future development potentials have been fully recognised,” added Mr Zhang.
Once listed, Greenland Group will be the largest mixed ownership initiative among Shanghai’s state-owned enterprises. It will be further freed from the constraints and restrictions of traditional state-owned enterprises, allowing it to instigate a management system that can better satisfy market demands.
Using the capital market as a platform for further innovation and transition, the company will reinforce its position in the property industry by strategic mergers and acquisitions to form a “Greenland Group of enterprises.”
It will also expand its business portfolio, optimising its financial structure and seeking further growth via the metro, financial and consumption goods industries.
For more media information, please contact Kate Funnell at The Trish Nicol Agency on +61 2 9356 2711 or [email protected]
About Greenland:
Established in 1992, Greenland Group is a pioneer in China’s integrated real estate market. It currently ranks 268 in 2014’s Fortune Global 500, and is the fastest growing company in China and third-fastest in the world.
In 2013, Greenland Group recorded $US 54 billion in income, with a total profit and tax of $US 4.6 billion and total assets of more than $US 58 billion. This growth can be attributed to the company’s real estate interests and development supported by its interests in related industries such as hotel, energy and finance.
The company‘s foundations are in the real estate industry, where it employs an innovative approach and positive vision for the future. Its real estate projects are spread throughout more than 90 cities in 29 Chinese provinces, including Shanghai, Beijing, Hong Kong, Chongqing and Guangzhou.
In the past two years, Greenland Group has begun moving into international markets, making full use of its resources in China and globally. Overseas investments have already begun in US, Canada, UK, Germany, Spain, South Korea, Thailand, Malaysia and now Australia, with more opportunities to follow.
Recent highly successful developments in Sydney, Australia include Sydney’s tallest residential building, ‘Greenland Centre Sydney’ and ‘Lucent’ in North Sydney.
