(Yicai Global) Nov. 24 -- One of China's largest real estate developers Country Garden Holdings Co. [HKG:2007] has set up a subsidiary in Thailand and started related recruitment activities to expand its presence overseas, The Paper cited multiple foreign media reports as saying.
The property giant commenced its first overseas project in Indonesia earlier this month.
Thailand's seaside resorts attract a large number of tourists every year, and Country Garden is also looking to develop new projects in Pattaya and Phuket Island as well as Bangkok, said an industry insider.
Country Garden also plans to set up new overseas brands to establish a more international image, Nikkei Asian Review reported yesterday. Many people in Thailand have not heard of Country Garden, said a senior manager at one real estate company.
Country Garden executive Lin Zhaoxian previously expressed in September that the firm would suspend overseas expansion and slow partial investment projects. However, the company completed its first project abroad earlier this month at the Sky House BSD development.
The Indonesian the project, located in Tangerang, northwest of the Indonesian capital Jakarta, is made up of 12 residential buildings developed in conjunction with Sinarmas Land, a subsidiary of the country's largest financial group Sinar Mas.
Country Garden reported total contract sales of CNY484.77 billion in the first ten months of the year, covering 53.12 million square meters of real estate.