Shanghai-based Greenland Group is expanding its business to the Southeast Asian market by investing up to 20 billion yuan ($3.25 billion) in two Malaysian property projects, sources said.
The State-owned conglomerate announced in an e-mail dated Sunday it will build residential apartments, serviced apartments, hotels and commercial facilities in two projects in Johor state, West Malaysia, with one of the projects likely to become the largest single investment in the country by a Chinese company.
"Compared with Europe, America and Australia, Southeast Asia's property market has a unique attraction for Chinese investors," said Zhang Yuliang, president and chairman of Greenland, citing Malaysia's stable economic growth and large community of ethnic Chinese, as well as mature immigrant and investment policies.
Construction on the projects is expected to start within six months, according to the Greenland notice.
wang_ying@chinadaily.com.cn
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