KUALA LUMPUR: Forest City, a massive development in Iskandar Malaysia, Johor, is going global as owner Country Garden Holdings Co Ltd switches strategy to expand its sales reach.
Country Garden, China’s third largest developer by sales, plans to set up showrooms in more countries to promote the project.
According to Reuters, the group said in a statement yesterday it would set up showrooms in the Middle East, India, Vietnam, Thailand and Japan.
The statement was in response to reports that Country Garden had closed some showrooms that promote Forest City in China.
The group said it was overhauling its sales centres in mainland China “to better fit with current foreign exchange policies and regulations” and as it looked to diversify its development strategy.
“(The) Country Garden group resolutely abides by relevant foreign exchange related rules and actively adapts it overseas development strategy to adapt to a constantly changing national and international policy and legal environment,” it said.
The developer reportedly sold around 18 billion yuan (RM11.5 billion) worth of apartments in Forest City last year, with Chinese nationals accounting for 70 per cent of the buyers.
In a separate statement, Country Garden’s Malaysian unit, Country Garden Pacificview Sdn Bhd, said it was promoting Forest City to investors from Southeast Asia, Japan, South Korea, India, the Middle East, Europe and the United States.
It has partnered with international property sales consultants, such as Edmund Tie & Co, CBRE Group Inc, Ray White and High Mark Real Estate Brokers.
“We also intend to set up sales galleries in Vietnam, Myanmar, Taiwan, Dubai and Japan in coming months,” the company said.
Its strategy chief Yu Runze said this would enable Forest City to truly become a world-class city.
“We initially targeted buyers from mainland China because of our strong reputation in the market as we have successfully delivered 500 township projects in China as well as a residential project in Australia.
“We envisage Forest City to be one that will attract buyers from around the world,” he said.
Yu also clarified that the closure of Country Garden’s sales centres in China was on the back of the country’s stricter foreign exchange policies.
“It is not a knee-jerk reaction to the Chinese government’s policy implementation. We have always planned to sell beyond China and have, therefore, chosen to bring those plans forward this year.
“Country Garden will be taking a holistic approach to our sales and marketing initiatives, and look to present an overview of our projects in China and beyond.”
Billed as the “next Shenzen”, Forest City sits on four artificial islands and can accommodate some 700,000 people.