Going against a trend of mainland Chinese developers seeking opportunities in more mature markets, Country Garden Holdings Co. Ltd., will now enter India, the South China Morning Post reported.
Country Garden — which agreed on an initial deal to invest up to US$2.7 billion in Birmingham, U.K., primarily for urban regeneration projects and investments — has presence in other smaller, emerging markets like Malaysia and Indonesia. By 2017-end, it will aim to buy at least one residential property in India, likely in Bangalore, Delhi, Mumbai or three other cities.
Country Garden President and Executive Director Mo Bin said that the company decided to invest in India due to its population and economic growth, adding that India's urban development "is more than 10 years behind China." He also remains confident that its plan will not be gravely affected by the Chinese government's plan to regulate outbound capital.
Some Chinese companies made a name for themselves in recent years when they ventured in big-ticket transactions in Australia, the U.K. and the U.S, the Jan. 19 report said.