Guangzhou R&F Properties buys six development sites in Johor Bahru
Guangzhou R&F Properties, a landlord in the business district of Guangdong's provincial capital, will pay 4.5 billion ringgit (HK$10.86 billion) for six sites in Malaysia, marking its first acquisition abroad.
Guangzhou R&F Properties, a landlord in the business district of Guangdong's provincial capital, will pay 4.5 billion ringgit (HK$10.86 billion) for six sites in Malaysia, marking its first acquisition abroad.
The developer plans to build commercial and residential properties on the 47 hectares in the southern Malaysian state of Johor, it said yesterday.
Mainland developers are committing billions of dollars to projects around the world, from apartment towers in New York and a new business district in Britain to a residential redevelopment in Sydney.
Regulatory restrictions at home and concerns that the mainland property market is overheating have spurred companies to venture overseas for the first time.
"Like other developers, R&F made the move to diversify its investment portfolio outside China as domestic property curbs don't appear to be ending soon," said Alan Jin, a Hong Kong-based property analyst at Mizuho Securities Asia.
"It remains uncertain how much demand is out there."