Damac expands China operations

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Damac expands China operations

Dubai­ - The agreement between Damac and Chinese real estate firm Qfang was signed in Shenzhen.

By Staff Report

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Published: Mon 23 Nov 2015, 11:00 PM

Last updated: Tue 24 Nov 2015, 10:53 AM

Damac Properties has announced a collaboration with Qfang, a Chinese real estate and financial services company, to strengthen its sales operation in the country.
The agreement between Damac and Qfang was signed on Friday in Shenzhen in the presence of executives from both companies led by Ziad El Chaar, managing director of Damac Properties, and Liang Wenhua, chairman of Qfang.
"Qfang is one of the most effective real estate sales agencies in China and specifically in the Southern districts. This cooperation is a natural continuation of our business' expansion in China that represents a very important market for us where investors are looking for attractive deals within the real estate sector," said El Chaar.
Based on statistics issued by the Dubai Land Department, Chinese investments in the emirate's real estate sector reached Dh1.27 billion last year - a 300 per cent rise in comparison to 2013.
El Chaar said the total value of real estate investments from Chinese investors in Dubai has already reached Dh1.17 billion in the first eight months of 2015.
Wenhua said: "Qfang, with its 1,200 outlets across 19 cities in China and over 30,000 sales staff, will be actively promoting and selling Damac's real estate investment products to Chinese investors. Qfang's set-up in China paved the way for us to successfully achieve such cooperation with a leading real estate company in Dubai."
In addition to its extensive operation in China, Qfang's business operation was extended recently to various other markets servicing clients in Japan, US and Malaysia.
- business@khaleejtimes.com


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