Chinese developer to invest $3.3b in Malaysia projects
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 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.
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...
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 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.
