Country Garden Holdings Co. Ltd. is targeting non-Chinese buyers for its US$100 billion Forest City project in Johor, Malaysia, following stricter capital controls in China, Bloomberg News reported, citing the company.
According to the news outlet, the company plans to invest a further 5 billion Malaysian ringgit in Forest City in 2017.
Country Garden has stopped marketing Forest City in its sales offices in China since the local government enforced stricter capital controls, and is instead trying to attract buyers from Thailand, Vietnam, Indonesia, Thailand, Taiwan, Dubai and the Philippines. It plans to open marketing galleries in these countries between August and October.
Yu Runze, chief strategy officer of Country Garden Pacificview Sdn., a Malaysian unit of Country Garden, was cited in the Aug. 7 report as saying the company is trying to diversify its buyers after facing a slowdown from Chinese customers.
The development is taking shape on four artificial islands and is expected to house nearly 700,000 people once it is completed. Yu said the company expects its buyer base to become more varied in the first half of 2018, according to the report.
As of Aug. 4, US$1 was equivalent to 4.28 Malaysian ringgit.