Chinese real estate company Greenland Holding Group Co inked a memorandum of understanding with Forest City Ratner Cos to co-develop a property project in New York. The property developer would take a 70% stake in the project worth over USD 5 billion.

In an emailed statement to Bloomberg, Greenland Holding said it would be developing the Atlantic Yards Apartment Project located in Brooklyn. A closely-held company established in 1992, Greenland Holding said this was the largest transaction of its kind entered into by a Chinese property developer in the US.

Greenland Holding Group Chairman Zhang Yuliang said in a statement, "Greenland holds a positive view on the U.S. market. The U.S. economy is recovering. There's ample amount of liquidity in the market."

In March this year, Forest City Enterprises said construction in the first residential tower of Atlantic Yards began in the fourth quarter last year. The company said the project would have 32 stories and 363 units. Low, moderate and middle-income residents would be occupying half of the building.