Domestic firms here are expected purchase RM6.3 billion worth of real estate in China at the upcoming Belt and Road Property Development Forum in Chengdu 13-14 January 2018.
“The summit is expected to result in at least US$1.5 billion (RM6.3 billion) worth of property investments in China, in terms of gross development value, from 20 handpicked Malaysian companies,” said Ng Kek Kion, President of the local branch of the ASEAN-China Economic and Trade Promotion Association (ACETP).
The inaugural event organised by ACETP is expected to be visited by approximately 300 real estate players from China and Southeast Asia, including Malaysia.
According to Ng, the forum will focus on development and business match-making via discussions of policy analysis and cooperation strategies as well as investment and financial matters.
He said this after inking a memorandum of understanding for the event with Luo Hongwei, Chairman of Chengdu Realty Tech Corporation.
Ng noted that property investment in China by Malaysian companies could be made easier through the use statistics that impact the market like land, policies, supply, deals, property categories and client data, which will be provided by Chengdu Realty Tech.
While Chinese companies are investing tremendous amount of money on Malaysian real estate, China is not on the radar of local property investors.
Based on data from Knight Frank Malaysia, Chinese nationals are the top overseas spender on properties here, making up 35 percent of the overall deals in 1H 2017. This is despite the central government’s restrictions on money outflows, in a bid to strengthen the yuan.
Image sourced from FMT.
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