Guangzhou R&F Properties buys sites in Malaysia for $1.4 bln
By Yimou Lee
HONG KONG, Dec 2 (Reuters) - Guangzhou R&F Properties Co Ltd has bought six sites in Malaysia's Johor Bahru for HK$10.8 billion ($1.4 billion), the largest investment by a mainland Chinese developer in the southern state near Singapore.
Mainland developers, including China Vanke Co Ltd and Xinyuan Real Estate Co, are looking abroad and chasing wealthy Chinese who are buying apartments in countries with sizeable Chinese migrant communities such as Malaysia and Australia, analysts say.
In 2012, Chinese developer Country Garden Holdings Co Ltd said it was buying 11 hectares of prime waterfront land in an industrial zone in southern Malaysia for almost 1 billion ringgit ($323 million), which marked the largest investment by a mainland developer in the state at the time.
Guangzhou R&F Properties said on Monday the land, with an area of approximately 116 acres, will be used for commercial and residential development purposes.
The developer has been exploring opportunities to expand its property development projects outside China at a time when prices in major cities on the mainland are soaring, prompting tightening measures in some areas.
Shares in the company fell 2.3 percent on Monday morning, lagging a 0.1 percent gain in the benchmark Hand Seng Index .
