Wenhua and El Chaar at the signing ceremony.
Damac in strategic Chinese collaboration
SHENZHEN, November 22, 2015
Luxury project developer Damac Properties has joined forces with Qfang, one of China's biggest real estate and financial services companies, to boost its operations in Southern China.
The companies signed the strategic agreement in the Chinese city of Shenzhen, in the presence of Liang Wenhua, the chairman of Qfang and Ziad El Chaar, the managing director of Damac Properties.
As per the deal, Qfang, with its 1200 outlets across 19 cities in China and over 30,000 sales staff, will be actively promoting and selling Damac's unique real estate investment products offered to Chinese investors, and proposing financial solutions to suit clients requirements., stated Wenhua.
"Qfang's excellent set up in China paved the way for us to successfully achieve such cooperation with a leading real estate company in Dubai," he noted.
Expressing delight at the partnership, El Chaar said: "This cooperation is a natural continuation of our business operation's expansion in China that represents a very important market for us where sophisticated investors are looking for attractive lucrative deals within the real estate sector."
Qfang, he stated, represents one of the most effective sales agencies in China and specifically in the southern districts.
El Chaar pointed out that the Chinese investments in the emirate's real estate sector had reached 2.24 billion yuan ($351 million) last year, which constitutes more than 300 per cent rise compared to 2013 as stated by The Economic Voice newspaper.
And the numbers announced last month by the Dubai Land Department reveal that the total value of real estate investments from Chinese individuals in Dubai during the first eight months of 2015 surged to 2.07 billion yuan ($325 million).
"This transcending trend of investments from Chinese individual investors and companies reflects a positive sentiment of business practice in the prosperous city of Dubai," he added.
In addition to its extensive operation in China, Qfang also has business operations in Japan, US and Malaysia.-TradeArabia News Service
