DAMAC Properties Expands its Strategic Operation in Asia's Biggest Market

Mon, 23 Nov, 2015

Leading luxury real estate developer, DAMAC Properties have announced a strategic collaboration with Qfang, one of China’s biggest real estate and financial services companies, looking to strengthen and consolidate its sales operation in China.

This is the second major agreement of its kind for DAMAC with a leading Chinese company specialized in the sales of real estate in China. Associations and strategic collaborations in international markets are a proven strategy of the successful business operations of the Dubai-based company, reinforced by the latest financial reports issued earlier this month highlighting c. Dh3.67 billion net profit for 9M of 2015.

The agreement between DAMAC and Qfang was signed on 20 November in Shenzhen, the headquarter city of Qfang in the presence of top executives from both companies led by Mr. Ziad El Chaar, Managing Director of DAMAC Properties and Mr. Liang Wenhua, Chairman of Qfang in China.

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.”

El Chaar added: “Based on the recent statistics issued by the Dubai Land Department, Chinese investments in the emirate’s real estate sector reached c. Dh1.27 billion last year, which constitutes more than 300% rise compared to 2013 as stated by The Economic Voice newspaper. And the numbers announced last month by the same department reveal that the total value of real estate investments from Chinese individuals in Dubai during the first 8 months of 2015, reached c. Dh1.17 billion.”

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

Mr. Liang Wenhua, Chairman of Qfang in China , said: “We are proud to be associated with DAMAC Properties, the leader in luxury real estate sector across the Middle East region and especially in the vibrant and growing city of Dubai.”

He added: “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. 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.”

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.

Established in 2002, DAMAC Properties is one of the leading developers of high-end luxury homes across Dubai and Middle East. DAMAC Properties has more than 13 years’ experience in delivering high quality luxury living throughout Dubai, and a number of limited edition homes in collaboration with global brands, including Versace, FENDI, Paramount Hotels & Resorts, The Trump Organisation and Bugatti. DAMAC Properties is also developing two major lifestyle communities set around a Trump International Golf Club, offering some of the most aspirational living in the region. One of the courses is being designed by the world famous golfer, Tiger Woods.