Dubai developer expands in China

Dama PropertiesImage Credit: Zarina Fernandes/Gulf News Archives

Luxury real estate developer Damac has announced a strategic collaboration with Qfang, one of China’s biggest real estate and financial services companies, looking to strengthen and consolidate its sales operation in China.

This is the second major agreement of its kind for Damac with a leading Chinese company specialised in the sales of real estate in China. According to the company, associations and strategic collaborations in international markets are a proven strategy, reinforced by the latest financial reports issued earlier this month highlighting a Dh3.67 billion net profit in the first nine months of the year.

Key market

The agreement was signed in Shenzhen, the headquarter Qfang, in the presence of top executives from both companies led by Ziad El Chaar, Managing Director of Damac and Liang Wenhua, Chairman of Qfang. “Qfang represents one of the most effective real estate sales agencies in China and specifically in the Southern districts,” said Ziad El Chaar, Managing Director of Damac. “This is a natural continuation of our business expansion in China that represents a very important market for us, where sophisticated investors are looking for attractive lucrative deals within the real estate sector.

Qfang’s network

“Based on the recent statistics, Chinese investments in the emirate’s real estate sector reached Dh1.27 billion last year, which constitutes more than a 300 per cent rise compared with 2013 as stated by The Economic Voice newspaper. And the numbers announced last month reveal that the total value of real estate investments from Chinese individuals in Dubai during the first eight months reached Dh1.17 billion.”

Liang said: “Qfang, with its 1,200 outlets across 19 cities in China and over 30,000 sales staff, will be actively promoting and selling Damac’s unique real estate investment products offered to Chinese investors.”

Source: Property Weekly


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