Chinese state-owned developer Greenland Holding Group announced its 1.2 billion pound ($1.97 billion) investment in two overseas development projects in London on Tuesday.

The Shanghai-based group signed a contract in London with Minerva, the property investment and development group acquired by clients of Ares Management LLC and Delancey in 2011, to purchase the Ram Brewery development site in the Wandsworth area of London.

The transaction with total investment value of about 600 million pounds represents Greenland's first acquisition in the UK.