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Greenland Holdings reorganizes 3 businesses amid economic changes in China

Greenland Holdings Corp. Ltd. reorganized its infrastructure, commerce and trade and hotel tourism businesses to keep up with the changing economic structure of China to a quality development focus instead of fast growth, Reuters reported, citing a statement from the property company.

Amid the reorganization, the real estate company increased its sales target for each of the next three years by 25% over its goal for 2018 to upwards of 500 billion yuan.

China's sixth-largest property developer in terms of sales is also aiming to grow its sales from its property business to 400 billion yuan in 2018 from 306.5 billion yuan in 2017, the Oct. 12 report added.

As of Oct. 12, US$1 was equivalent to 6.92 yuan.