19 August 2019

Country Garden eyes more overseas projects to boost growth

Country Garden Holdings Co. Ltd. (02007.HK) will continue explore opportunities overseas this year after tapping the Malaysia and Australia markets in 2013, the company’s top management said.

“We are interested in markets like the United States, Canada and Southeast Asia, as long as they have stable growth,” Johnson Liu Murr, deputy chief financial officer, told a press briefing in Hong Kong Wednesday.

“The capital turnover rate is faster in overseas projects and the gross profit margin is higher than in the mainland,” Liu said.

The property developer has three projects in Malaysia. Two of them started selling last year with the remaining flats expected to be sold in the second half of the year, along with the third project.

“We became the largest real estate developer with just one project in Malaysia,” Liu said. The project in Australia will be launched in the second half as well, he said, without giving details.

A combined floor area of 38 million square meters will be available for sale this year, of which 25 million square meters represents new projects to be developed this year. The company targets a 20 percent growth in contracted sales to 128 billion yuan (US$20.83 billion) this year.

– Contact HKEJ at [email protected]



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