AFTER CHILLING REMINDER FROM BEIJING? COUNTRY GARDEN REOPEN HALF OF ITS SALES OFFICES IN CHINA

JOHOR BARU – Half of Country Garden’s sales galleries in China have reopened since Monday as it adjusts its marketing strategy to target global buyers, said Country Garden Pacificview Sdn Bhd chief strategy officer Yu Runze.

Speaking to reporters here during a visit by China’s ambassador Dr Huang Huikang to the development, Yu refuted claims that the company’s sales galleries were closed in mainland China.

“We wanted to update our marketing materials in the galleries to highlight our various domestic projects within Chinese shores,” said Yu.

He said that sales galleries in cities with a large population of foreigners – like Shanghai – would feature Forest City heavily.

It was reported last week that all its sales galleries in mainland China have shut their doors following China’s crackdown on capital outflows.

Yu said while the company was not in the best position to comment on China’s controls on foreign exchange transactions, it always realigns its marketing strategy to respond to any policy changes in China and Malaysia.

“Chinese nationals are not allowed to convert yuan into foreign currencies to invest in property overseas. This has always been the case. We have always focused on those with offshore capital,” he said.

Yu added that Country Garden has galleries in Jakarta, Indonesia, Kuala Lumpur and Singapore and plans to open galleries to promote Forest City in India, Cambodia, Laos and Dubai soon

Country Garden Holdings and Esplanada Danga 88 Sdn Bhd are developing the 20 sq km Forest City project at the Iskandar Specific Economic Zone in Johor.

It is targeted to provide up to RM175bil of foreign direct investment over the next 20 years.

– ANN

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