Shanghai-based Greenland Holding Group Co. Ltd. will invest £1.2 billion ($2 billion) on two property projects in London as Chinese developers branch out overseas.

Bloomberg, citing an e-mailed statement, said that state-owned Greenland will sign an agreement with real estate investor Minerva Ltd. to acquire the Ram Brewery site in Wandsworth in southwest London for about £600 million.

Greenland will also build apartments on a 3,700-square-meter site in the city's financial district of Canary Wharf. The Chinese real estate developer is investing in the UK for the first time, the report said.

Greenland, which entered the US and Australia last year, joins Chinese developers including China Vanke Co. that are venturing into real estate abroad. They are seeking opportunities to diversify outside their home market, Bloomberg said.

Greenland is also looking to enter Canada, France and Singapore for the first time this year. It is owned by the Asset Supervision and Administration Commission of Shanghai Municipal Government, the report said.