(Yicai Global) Dec. 15 -- Chinese property developer Jiayuan International Group Ltd. [HK:2768] plans to buy a residential housing project in New York for at most USD30 million to expand its overseas land reserves.

The company entered a letter of intent with the shareholders of a New York developer yesterday to acquire all its equity for between USD15 million and USD30 million. The two companies have not signed a legally binding agreement and are still negotiating details of the deal, the Nanjing-based firm said.

The UD firm has a project in Queens in New York City. Once complete, it will cover a floor area of 20,000 square meters and have two six-story buildings with parking spaces, mooring slips and beachfront areas for recreation.

Jiayuan International said that the complex will foster a mature investment plan for it, enhance its influence abroad and expand its land reserve in the global market.

Jiayuan International has more than 20 years of experience in real estate development. The company's main business operations include the development of large-scale residential and integrated commercial complexes in the southern Chinese province of Jiangsu. The group has expanded its business to areas near the mouth of the Pearl River, Hong Kong and Macau in the past two years.