Developer behind Shanghai Tower buying a 70% stake in a $4 billion real estate project in New York

Shanghai Tower, China’s tallest skyscraper that is currently under construction and the world’s second highest, marked a big step toward its finish today with the placing of its last steel beam in a topping-off ceremony. The 125-floor structure stands in the heart of the city’s Lujiazui financial district. It is scheduled to be completed in 2015.

Greenland Holding Group Co., a developer building the Shanghai Tower, agreed to buy a 70 percent stake in New York’s Atlantic Yards, the 22-acre residential and commercial real estate project in Brooklyn.

Greenland Holdings Group said in a statement that it is purchasing a 70% stake in the Atlantic Yards Apartment Project, near the Barclays Center, the stand-out sports arena built last year. The project, led by Forest City Ratner, is expected to cost almost $4 billion.

The US real estate market looks cheap. China’s real estate market is overheated.

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