Country Garden woos non-Chinese buyers for Forest City project

Singapore

COUNTRY Garden Holdings Co said it's looking to attract customers from countries such as Thailand and Vietnam as some Chinese buyers hit by capital controls have pulled back from the US$100 billion Forest City project in southern Malaysia.

China's escalating crackdown on capital outflows this year has spooked buyers seeking to invest in property abroad, with some reconsidering past purchases and others holding off on new purchases. Developers that expanded into Malaysia's Johor area to tap rising demand from Asia's biggest economy are now trying to attract more non-Chinese buyers. Country Garden said it expects to open galleries targeting customers in the Philippines, Indonesia, Vietnam, Thailand, Taiwan and Dubai between August and October, and plans to invest an additional RM5 billion (S$1.6 billion) this year in Forest City.