Chinese developer to invest $3.3b in Malaysia projects

Greenland HoldingChinese state-owned developer Greenland Holding Group said on March 2 it plans to invest $3.3 billion in two property projects in Malaysia, as Chinese developers diversify beyond their home market. Shanghai-based Greenland will build residential and serviced apartments and hotels in the two projects in Johor state, south of West Malaysia, it said in a statement according to the Wall Street Journal.

The projects, one of which would be the biggest single project in the country, are located along the coast of the Johor Straits and have a combined gross floor area of 2.3 million square meters. The developer said it plans to start construction within six months.

Chinese developers like Greenland, Fosun International and China Vanke Co. in recent years have been flocking abroad in a drive to expand overseas while also catering to demand from Chinese home buyers abroad. Apart from Malaysia, they have bought sites in Australia, Singapore, the U.S. and Africa.

In the last six months alone, Greenland – which may complete a domestic listing by June – bought a 70 per cent stake in Brooklyn’s $5 billion Atlantic Yards project and paid $1 billion for a piece of land in Los Angeles on which it plans to build a hotel, office units, serviced residences and high-end homes. It also announced a $2 billion investment in two London properties in January.

Commenting on its latest investment in Malaysia, Greenland Group said the country has stable economic growth and a big community of Chinese people.

“Malaysia has a mature immigrant and investment policy,” Greenland said, adding that Malaysia has attracted many immigrants and is supportive of foreigners looking to purchase a second home in the country.

Besides Greenland, Guangzhou-based developers Country Garden and Guangzhou R&F have expanded in Malaysia in recent years.



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Chinese state-owned developer Greenland Holding Group said on March 2 it plans to invest $3.3 billion in two property projects in Malaysia, as Chinese developers diversify beyond their home market. Shanghai-based Greenland will build residential and serviced apartments and hotels in the two projects in Johor state, south of West Malaysia, it said in a statement according to the Wall Street Journal. The projects, one of which would be the biggest single project in the country, are located along the coast of the Johor Straits and have a combined gross floor area of 2.3 million square meters. The developer said...

Greenland HoldingChinese state-owned developer Greenland Holding Group said on March 2 it plans to invest $3.3 billion in two property projects in Malaysia, as Chinese developers diversify beyond their home market. Shanghai-based Greenland will build residential and serviced apartments and hotels in the two projects in Johor state, south of West Malaysia, it said in a statement according to the Wall Street Journal.

The projects, one of which would be the biggest single project in the country, are located along the coast of the Johor Straits and have a combined gross floor area of 2.3 million square meters. The developer said it plans to start construction within six months.

Chinese developers like Greenland, Fosun International and China Vanke Co. in recent years have been flocking abroad in a drive to expand overseas while also catering to demand from Chinese home buyers abroad. Apart from Malaysia, they have bought sites in Australia, Singapore, the U.S. and Africa.

In the last six months alone, Greenland – which may complete a domestic listing by June – bought a 70 per cent stake in Brooklyn’s $5 billion Atlantic Yards project and paid $1 billion for a piece of land in Los Angeles on which it plans to build a hotel, office units, serviced residences and high-end homes. It also announced a $2 billion investment in two London properties in January.

Commenting on its latest investment in Malaysia, Greenland Group said the country has stable economic growth and a big community of Chinese people.

“Malaysia has a mature immigrant and investment policy,” Greenland said, adding that Malaysia has attracted many immigrants and is supportive of foreigners looking to purchase a second home in the country.

Besides Greenland, Guangzhou-based developers Country Garden and Guangzhou R&F have expanded in Malaysia in recent years.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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