August 22, 2017 / 9:31 AM / a year ago

Country Garden says 'almost zero sales' to Chinese buyers in Malaysia project

HONG KONG, Aug 22 (Reuters) - Country Garden said it had made almost zero home sales to Chinese buyers at its $100-billion Malaysia project, after it stopped promoting the development to mainland buyers this year in response to Beijing’s moves to stop capital flight into offshore investments.

Sales in the first six months from the project in Malaysia, Forest City, was 6 billion yuan, the company’s chief financial officer, Wu Bijun, said at an earnings conference on Tuesday.

The company, China’s top property developer by sales, said it expects full-year sales in Malaysia to drop to 8 billion yuan, from over 10 billion yuan last year.

Country Garden, however, expects overall margins for the company to continue rising into 2019.

The homebuilder posted a 35 percent jump in first-half core profit earlier in the day. (Reporting by Clare Jim, Writing by Farah Master; Editing by Himani Sarkar)

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