On 20 November 2015, Damac Properties have announced a strategic collaboration with Chinese real estate and financial services company Qfang to strengthen and consolidate its sales operation in China. The agreement was signed in Shenzhen in Qfang’s headquarters by Damac managing director Ziad El Chaar and Liang Wenhua, chair of Qfang in China.
This is the second major agreement Damac has signed with a Chinese real estate company.
Associations and strategic collaborations in international markets are a proven strategy of the successful business operations of Damac, reinforced by the latest financial reports issued earlier this month highlighting AED3.67bn net profit for 9M of 2015.
Chaar said: “Based on the recent statistics issued by the Dubai Land Department, Chinese investments in the emirate’s real estate sector reached AED1.27bn 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 AED1.17bn.”