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.
Earlier this week, 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 reform of state-owned enterprises by Shanghai Municipal Government's State-owned Assets Supervisions and Administration Commission is afoot.
Following the announcement, Jinfeng Investment's share price jumped 37 per cent achieving its highest trading price of 26.35 per share.
President and Chairman of Greenland Holding Group Company Ltd Yuliang Zhang said, "Greenland's rapid development is a result of continual innovation and an ability to grasp every precious opportunity at each stage."ALSO SEE:
Renminbi and B-shares in foreign currencies, such as US dollars in Shanghai and Hong Kong dollars in Shenzhen.
Established in 1992, Greenland Group is a global leader in property, resources, finance, construction and hotels. The company is currently ranked 268 globally in 2014’s Fortune 500 (up 91 places since the previous year), and is the fastest growing company in China and third-fastest in the world.
The Group currently has a significant presence in 13 cities in 9 countries and four continents, including the US, Canada, UK, Germany, Spain, South Korea, Thailand, Malaysia and now Australia.
Greenland Australia has commenced construction of its first Australian project, Lucent - a 211 unit luxury apartment development in North Sydney, - and is underway on Greenland Centre Sydney, - a 235-metre residential building at 115-119 Bathurst Street that will be the tallest in Sydney and comprise 479 apartments, as well as a 2,000 square metre Creative Hub leased for 99-years to the City of Sydney.