Chinese property developer Greenland Holding Group has broken ground for a project that could be the largest real estate development plan in New York City for 20 years.

Greenland USA said on Monday that it is developing an affordable housing project in downtown Brooklyn with its US partner Forest City Ratner Companies.

The 18-story project at 535 Carlton Avenue will include 298 units "100 percent affordable" for low-, moderate- and middle-income households, according to Greenland Forest City Partners.

The affordable housing plan is part of a multitower Pacific Park Brooklyn project, which was previously known as the Atlantic Yards. Greenland Group said it will invest $4.9 billion.

An aggressive expansion drive has propelled the once-unknown Greenland Group onto the global stage. It has invested about $20 billion in overseas projects since 2013 and expanded into 13 cities in nine countries, including the United States, Australia and Britain.

The developer entered the US market in 2013 as doubts hit the cooling market at home. After investing $1 billion in the Los Angeles Metropolis project in July, it took a major stake in the Pacific Park project last October.

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