Damac confirms second sales partner in plan to target china

Damac has signed a deal for Qfang to become its second sales partner in China, as the UAE developer continues make a concerted push into the market.

Chinese investors are estimated to have spent around Dh1.27 billion on Dubai real estate in 2014, up 300 per cent from 2013, highlighting the demand available for developers to tap into.

"And the numbers announced last month by the [Land] Department reveal that the total value of real estate investments from Chinese individuals in Dubai during the first eight months of 2015 reached Dh1.17 billion," Ziad Al Chaar, Managing Director of Damac Properties, tells Gulf News.

"This transcending trend of investments from Chinese individual investors and companies reflects a positive sentiment of business practice in Dubai."

Qfang will market Damac's projects through its 1,200 offices across 19 Chinese cities. The agreement follows a similar deal with brokers 5i5j, which was signed in June 2015.