Chinese Developer To Take Large Stake In Atlantic Yards

Law360, New York (October 11, 2013, 1:46 PM EDT) -- Chinese state-owned developer Greenland Group Co. has agreed to take a 70 percent interest in Forest City Ratner Co.'s massive $4 billion Atlantic Yards project in Brooklyn for an undisclosed price, the parties announced Friday.

The developers have signed a nonbinding memorandum of understanding for the proposed joint venture that would bring the Shanghai-based company to Brooklyn for the first time to help in the development of the 22-acre residential and commercial project that is Atlantic Yards.

The joint venture would cover both phase one and...
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