Country Garden Holdings Co., the developer controlled by China’s richest woman Yang Huiyan, said it will buy prime waterfront land in southern Malaysia, as the company expands beyond its home market.
The Foshan, Guangdong-based company plans to develop the 55-acre land plot in Iskandar into an integrated property project with a gross development value of 18 billion ringgit ($5.9 billion), Beatrice Wong, an external spokeswoman for Country Garden, said in an e-mail. Iskandar is in the southern Malaysian state of Johor near Singapore.
The developer said last year it took a 55 percent stake in a joint venture in Malaysia to build homes in Selangor state.
— With assistance by Bonnie Cao