A major Chinese developer has staked its claim within the London property market by purchasing a prestigious site.

Greenland Group announced that it had acquired the Ram Brewery site in Wandsworth Town from Minerva. The investment is estimated to be at around £600 million and the Chinese developer now aims to rejuvenate the site bringing back to its former glory. The 7.75 acre facility is currently derelict but carries planning consent for 661 properties and 9,500 sq metres of commercial space.

There is huge potential in the Ram Brewery and Greenland has been mulling options which would see the creation of new shops, cafes, bars and restaurants. The developer has already made commitments to ensure that the site is made an attractive proposition for people not just living in London but from all over the UK.

Zhang Yuliang, chairman and president of Greenland, explained that London has been a major focus of his organisation for a number of years. He described the English capital as being a "global financial centre" as well as the "most open diversified city" across Europe. Mr Yuliang went on to say that these factors contributed to Greenland making London its first foray into the continent.

Ravi Govindia, leader of Wandsworth Council, also gave his backing to the plans and said: "The site [Ram Brewery] comes with a very well designed development plan which would rejuvenate this part of the town centre, open the historic brewing buildings to the public and create hundreds of new homes and jobs.

"It also delivers on the council’s top priority which is to redesign the Wandsworth Gyratory and remove through traffic from the high street."

Greenland Group is one of biggest state-owned enterprises in Shanghai and has a wide portfolio of construction projects across China. The developer boasts work over 65 cities in 24 provinces of the country including Beijing, Nanjing and Hefei among others.

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