Shanghai's Greenland Group aims high in London property market

Shanghai-based developer Greenland Group said a 67-story, 241-meter tower it is building in London is set to become the tallest residential building in Western Europe.

Despite market concerns over uncertainties about London's real estate landscape after the Brexit referendum, Chinese developers remain confident and optimistic about the future in the city.

The 800-million-pound ($1.06 billion) development with a gross floor space of 98,000 square meters in West India Quay at Canary Wharf, known as The Spire London, will be the second-tallest building in London when it is completed in 2020, just second to the 310-meter Shard.

Zhang Yuliang, chairman and president of Greenland Group, said The Spire London is going to become an unique part of the landscape in London.

Zhang said the project is Greenland Group's most important in Europe so far, and it will provide good quality new housing resources to London residents.

Price of the apartments are expected to between 595,000 pounds and three million pounds, according to the developers' project prospectus. Sale of the apartments will start as early as October this year.

Greenland Group purchased the land parcel for The Spire London from Commercial Estates Group earlier this year, the second purchase it has made in London in recent years. In 2014, Greenland Group purchased a land parcel at the Ram Brewery in Wandsworth London, which is expected to be developed into a residential community.

Greenland Group is not alone among Chinese developers that would like to make their mark in London's thriving real estate market. In June 2013, Wanda Group announced that it would develop the 203-meter-tall One Nine Elms, a residential community.

Researchers said that Chinese buyers' demands for high-end overseas properties is a major aspect of these developers' ambition and confidence in expanding overseas, particularly in cities with good education resources.

A major factor influencing Chinese people's overseas property purchases is their children's education and the proximity of real estate to decent schools, according to a recent report issued by online overseas property information platform Juwai.com.