China's state-owned Greenland Group is buying a 128-acre prime waterfront land in Malaysia's Iskandar from Malaysian property developer Iskandar Waterfront City Bhd for RM2.4 billion (US$663.90 million).

This marks Greenland's second land deal in Malaysia. The Shanghai-based company in April bought a plot of land in the southern state of Johor for RM600 million for residential

and commercial use.

Greenland Group executive vice-chairman Xu Jing said it was "extremely upbeat" about growth prospects in Iskandar Malaysia, just across Singapore, according to a statement issued by Iskandar Waterfront today.

The site, which will be jointly developed with Iskandar Waterfront, is expected to include a snow world theme park, an opera house, a hospital specialising in Chinese traditional medicine and a school, it added.

- Reuters