Greenland Group Buys Stalled London Site

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Greenland Group has purchased the stalled site for Europe's tallest residential tower, located in London's Canary Wharf financial district, according to media reports. 

The Chinese state-backed developer purchased the site after an earlier agreement with an Irish property developer failed to reach fruition. 

Commercial Estates Group, which had permission to build a 242-meter-tall buildings with 700 homes, offices and shops, sold the Hertsmere site, Reuters reports. 

Greenland expects the site to be worth £600 million ($1 billion) once complete. This marks the second deal in the U.K. for Greenland. 

In January, the company announced it would invest £1.2 billion ($1.97 billion) in two London development projects, marking its entry into the U.K. market.