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China’s Real Estate Developer CFLD Keen To Venture To M’sia

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BEIJING – China’s real estate developer, China Fortune Land Development Co Ltd (CFLD), is among the prominent companies to have shown keen interest in venturing to Malaysia.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said CFLD, a leading expert in investment and operations of new industrial cities in China, had been making enquiries on such a move.

There is growing interest among Chinese entrepreneurs seeking to invest in Malaysia and CFLD is one of them, he told the Malaysian media here.

Mustapa was part of the Malaysian delegation led by Prime Minister Datuk Seri Najib Tun Razak on his six-day official visit to China from Monday.

CFLD’s Founder and Chairman Wang Wenxue is one of China’s richest and most prominent entrepreneurs.

The company, also a pioneer of the public-private partnership model, has set up more than 50 new industrial cities.

Among them is the Guan New Industry City which Najib visited on Wednesday and CFLD has invested US$4.8 billion (RM20.08 billion) in it to date.

Mustapa said the city, built in 2002, has been transformed into a Global Technology Centre (GTC) in collaboration with Tsinghua University, Peking University and the Zhongguancun Science and Technology Park.

As of September this year, CFLD’s sales revenue reached US$13.2 billion (RM55.22 billion) and total assets exceeded US$32 billion (RM133.89 billion).

It has also been involved in the construction and operation of two inter-city railway projects, and the first private enterprise in China to focus on high-speed railway projects.

Mustapa said such interest by companies as CFLD would result in closer ties between Malaysia and China, alongside further enhanced investments between both countries.

He said last year, Malaysian companies invested US$7.5 billion (RM31.38 billion) in China, covering various sectors, including tourism, retail and manufacturing.

China invested US$2.5 billion (RM10.46 billion) in Malaysia.

There are currently about 5,000 Malaysian companies in China, including Parkson, Sunway and Sime Darby, he added.

Mustapa foresees Chinese investments into Malaysia soaring, especially with the inking of 14 trade agreements between Malaysian and Chinese companies worth RM144 billion on Tuesday.

Likewise, he said Malaysia’s Genting Resort Secret Garden in Zhangjiakou, had been investing in building ski facilities to meet growing demand from the Chinese.

This follows Beijing’s successful bid for the 2022 Winter Olympics, and Genting Resort Secret Garden’s snow park has been chosen for the freestyle venue.

It is reported that the Chinese ski market has been accelerating and the population of skiers exceeded 12 million in 2016, with an annual growth rate reaching 25 per cent.

Genting Resort Secret Garden on its website reported that the resort’s entire project spanned 100 square kilometers, with a planned investment of US$3 billion (RM12.55 billion).

It plans to expand the resort into a comprehensive all season tourist resort by 2022, with 88 ski runs offering a total length of about 70km, in addition to 22 cablelifts extending about 30km.

Currently, the resort has 35 ski runs and three high-speed cablelifts, with a 265-room five-star hotel and suites as well as 83 apartments.

The resort plans to build 2,400 holiday apartments as well as the whole freestyle infrastructure in line with the Winter Olympics specifications to hosting major international sports events.

Meanwhile, Mustapa left for Cebu, the Philippines to attend the Regional Comprehensive Economic Partnership (RCEP) Ministerial meeting today and on Friday, the Asia Pacific Conference of German Business in Hong Kong.

Najib at a press conference for the Malaysian media here on Tuesday said he had informed Chinese Prime Minister Li Keqiang that the Malaysian government would give its support to Genting Resort Secret Garden’s efforts at preparing itself as the venue for 2022 Winter Olympics.

— BERNAMA

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