The Chinese government, however, worries that an overheated property sector will deal a heavy blow to the national economy amid already runaway housing prices and implemented curbs to cool the explosive growth. These curbs have spurred domestic property companies to seek investment opportunities abroad. Domestic developers are trying to diversify their businesses to reach new territories, such as the mature US or European markets. After the outburst of 2008 global financial crisis, Chinese companies are even more attracted to sluggish and cash-strapped foreign property markets, driven by ambitions to scoop up real estate at fire sale prices.

The Beijing-based Xinyuan (China) Real Estate is the first domestic developer to dig for gold in New York. At the end of September 2012, Xinyuan made its entry into the US real estate market with the $54.2 million acquisition of a development site located in Williamsburg, Brooklyn. Xinyuan plans to build over 200 units of residential apartments. The transaction marks the first time that a Chinese mainland developer has purchased land for a major residential project in the United States.

In 2012, China Vanke Co, the largest listed developer in China, signed a contract with Tishman Speyer Properties to co-develop two condominium towers in San Francisco.

Over the past year, a dozen Chinese developers announced their overseas property development plans, with a total investment of tens of billions of dollars. Most projects are situated in developed markets, and residential and tourist property accounts for the highest percentage. The United States has become a top investment destination for Chinese developers. Before the Atlantic Yards project, Greenland announced its first US investment in July: a $1 billion hotel and residential complex in downtown Los Angeles.

Domestic developers used to have a propensity for major cities in the United States, such as New York, Los Angeles and San Francisco Since 2013, some of them have turned to the likes of Huston, Boston and Seattle.

Guarding against risks

What triggered the financial crisis in 2008 was a sluggish real estate market in the United States, something Chinese companies should be mindful of during their overseas foray. Most Chinese developers partner with local developers when exploring foreign markets. This has to a certain extent averted risks. Problematic issues, however, may occur when those developers further expand their market share.

The US model has developers highly dependent on financial institutions, a model that Chinese developers may find hard to adapt to. Besides, facing a volatile global market, Chinese developers must have a strong cash flow to weather risks. Other potential risks include exchange rate fluctuations and a different taxation system.

The sales of foreign real estate are more complicated. How to factor in the characteristics and development cycles of foreign markets is a major issue for domestic developers. As tempting as it seems, the yield of foreign markets for Chinese developers remains to be seen.

To that end, Greenland Chairman Zhang said his global strategy involves gaining the right level of competency to "go global."

"What makes the company a multinational in a real sense is its ability to weather global risks and handle global management."