Dubai-Mubasher: Damac Properties has signed a strategic cooperation agreement with Shenzhen-based Qfang, one of the biggest real estate and financial service companies in China.
The move will help the Dubai-based firm to sell more properties in the biggest Asian market.
This is the second-of-its-kind agreement for Damac with a Chinese company specialised in real estate sales.
“The deal mirrors our continued expansion in China, which is considered our main market,” said Damac’s Managing Director Ziad El Chaar.
He added that the Chinese investments in Dubai reached nearly AED 1.27 billion last year, soaring 300% compared with 2013, according to the latest data of Dubai Land Department.
Niall McLoughlin, Damac’s senior vice president, told Mubasher on Sunday that his company targets to deliver nearly 1000 units during the last quarter of the current year, most of which are in Dubai.
