Zhang Dawei, director of market research at the Beijing-based Centaline Property Agency Ltd, a property consultancy, said that like Greenland, many other developers also want to tap into the metro sector. "However, Greenland is backed by the government, and hence its options and the way forward are much more clearer," he said.

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"Moving into subway construction is not a business transition, but more of a business expansion," said Zhang from Centaline.

Greenland had earlier indicated that its business moves were being driven by the government's plea for more social capital in infrastructure.

Premier Li Keqiang said at a State Council executive meeting in April that great potential still exists for investment, as infrastructure in many fields across the country is still outdated. However, China should channel private capital into more areas, optimize investment structures and further promote the diversification of investing entities, the premier said.

Greenland has also been trying to diversify its overseas business to balance its development. The company said it aims to double its overseas sales to 40 billion yuan in 2015 from this year.

Earlier this year, Greenland Group said it aims to achieve overseas sales of 20 billion yuan in 2014, including projects in the United Kingdom, the United States, Canada, Thailand and Malaysia.

The Shanghai-based company and Australia's Crown Resorts Ltd said they will jointly bid for the Queen's Wharf project to develop a luxury integrated resort in Auckland, New Zealand, according to Reuters.

Hu Yuanyuan contributed to this story.