Shanghai’s Greenland Holding Group Co. has entered the Canadian real estate market with the acquisition of Toronto’s King Blue Condominiums. The international developer purchased the pair of 44- and 48-storey residential towers from Easton’s Group of Hotels and The Remington Group for an undisclosed price.

The development, now known as King Blue by Greenland, is located at the corner of King Street West and Blue Jays Way. Its buildings will feature studio, one-bedroom, two-bedroom plus den and three-bedroom units.

This acquisition marks Greenland’s first foray into the Canadian real estate market.

“Toronto is Canada’s economic and cultural capital as well as one of the strongest real estate markets in North America,” says Yuliang Zhang, chairman and president of Greenland Group. “We believe this city will continue to grow and thrive creating other investment opportunities for Greenland Group (Canada) in the Greater Toronto Area and beyond.”

The acquisition of King Blue Condominiums is part of a nine-country global expansion by Greenland, which includes projects in the United States, Australia, United Kingdom, Germany, Spain, South Korea, Thailand and Malaysia. The developer is currently responsible for the construction of 23 ultra-high-rise buildings, four of which are considered among the tallest buildings worldwide.