CIIE spillover: Real estate giant Greenland sets up NEV export company

Chinese real estate developer Greenland Group on Wednesday announced the establishment of a new-energy vehicle (NEV) export company.

The company will take advantage of the China International Import Expo (CIIE) as well as Greenland's global trade supply chains and overseas resources to promote export of Chinese NEVs, it said.

Headquartered in Shanghai, Greenland Holdings Corp was founded in 1992 to develop green belts around the city. Since 2012, it has been making investments outside of China.

The new firm's first export order, worth about US$70 million, has already been signed. A total of 5,000 models would be sold in regions like West Asia and the Middle East, according to the company.

Zhang Yuliang, chairman and president of Greenland Group, said that the move showed the group's determination to follow a new round of technological and industrial changes.

"The CIIE has accumulated great resource advantages in the field of automobile sales and service for many years, which could be a wonderful starting point for our group to realize an annual export of 100,000 vehicles and annual sales scale of 10 billion yuan (US$1.37 billion) in the next three years."

According to data released by the China Association of Automobile Manufacturers, China's automobile exports reached 5.859 million units in 2024, up 19.3 percent year on year. Of these, 4.574 million were fuel vehicles, an annual surge of 23.5 percent; and 1.284 million NEVs, a year-on-year increase of 6.7 percent.