Dubai's Damac inks deal to boost Chinese property sales

Luxury real estate firm signs agreement with Qfang as it looks to strengthen sales operation in China
Dubai's Damac inks deal to boost Chinese property sales
Ziad El Chaar, managing director of Damac Properties.
By Staff writer
Thu 03 Dec 2015 10:24 AM

Dubai-based luxury real estate developer Damac Properties has announced a strategic collaboration with Qfang, one of China's biggest real estate and financial services companies as it looks to strengthen its sales operation in China.

The agreement is the second of its kind for Damac with a Chinese company specialised in the sales of real estate in China, the company said in a statement.

Ziad El Chaar, managing director of Damac Properties, said: "We are delighted to start this cooperation with Qfang that represents 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 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."

The total value of real estate investments from Chinese individuals in Dubai during the first eight months of 2015 reached about AED1.17 billion, according to recent statistics issued by the Dubai Land Department.

"This transcending trend of investments from Chinese individual investors and companies reflects a positive sentiment of business practice in the prosperous city of Dubai," added El Chaar.

Liang Wenhua, chairman of Qfang in China which has 1,200 outlets across 19 cities in China and over 30,000 sales staff, said: "We are proud to be associated with Damac Properties... 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."

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