Zhuoda, New World Garden, Country Garden, R&F Properties... and now, Macrolink Real Estate! The Shenzhen-listed developer, which is a relatively small developer, will invest 154.7 million ringgit ($47.1 million) in a Johor site in south Malaysia and build a holiday resort. Will this holiday resort be at the plot of land marked as International Destination Resort (IDR) in Nusajaya? ------------------------------------- Chinas Macrolink Real Estate Invests in Malaysia, South Korea SHANGHAI--Beijing-based firm Macrolink Real Estate Co. (000620.SZ) is planning to invest in tourism-related property projects in Malaysia and South Korea, becoming the latest Chinese developer to venture abroad. Macrolinks move follows two other Chinese developers, Country Garden Holdings and Guangzhou R&F Properties Co., which have invested in Malaysia. The country has a sizable Chinese community and favorable government policy that helps to attract foreign buyers, Chinese developers say. The Shenzhen-listed developer, which is a relatively small developer, will invest 154.7 million ringgit ($47.1 million) in a Johor site in south Malaysia and build a holiday resort. It didnt say when the project would be ready. The 11.7-acre site in the Iskandar region has a gross floor area of around 191,600 square meters, Macrolink said. Iskandar is a special economic zone backed by the Malaysian government that already has attracted foreign investment, including a Legoland theme park and property development by CapitaLand Ltd., which would have a positive impact on Macrolinks sales, it said. The firm is also investing 31.5 billion won ($29.5 million) in a joint-venture tourism project in South Koreas Jeju Island, a popular destination for mainland tourists, it said in a separate statement. Macrolink will own a 90% stake in the Jeju project. Macrolinks investment in Jeju comes after state-owned conglomerate Greenland Holding Groups move in November to build 58-story twin towers on the island, where it already building a large-scale mixed-property complex that includes a casino. Last month Hong Kong-listed developer Guangzhou R&F Properties Co. said it plans to acquire six parcels in Malaysia for 4.5 billion ringgit to build commercial and residential property in Johor Bahru, the capital city of Johor. Guangdong-based Country Garden Holdings Co. was the first Chinese developer to invest in Malaysia in 2012. Country Garden reported brisk sales from its waterfront residential-project Danga Bay in Johor Bahru after its August launch, with many Chinese buyers. -WSJ 7 Jan 2014-
Posted on: Mon, 27 Jan 2014 16:56:24 +0000