Two of the world’s top mega-developers have come up with a novel idea for getting Chinese buyers to dip a toe in the Dubai property market.
Chinese firm Qfang and Dubai-based DAMAC Properties have just shaken hands on a landmark collaboration deal – Qfang is the first company in China to deal directly with an international developer, rather than via an intermediary – and they’re marking the move with a “special offer” for potential customers buying properties in Dubai for the next two months.
According to a joint statement, the companies are offering Chinese buyers a “fully paid vacation in the vibrant city of Dubai that includes air ticket, hotel stay and visa cost”.
Mr. Liang Wenhua, Chairman of Qfang: “This unique offer from DAMAC Properties is intended to reward Chinese buyers with a special gift by allowing them to visit Dubai and discover in person the magnificent attributes that this metropolitan city is offering. Qfang is the first company in China which cooperates directly with international property developer not with an international intermediary and this will give us a direct and more efficient relation between the two companies and will result a better service and rewarding returns to our clients.”
Mr Ziad El Chaar, Managing Director of DAMAC Properties: “The idea of this offer is based on our belief that Dubai real estate market can offer very lucrative returns for investors from China and from all over the world. The return on investment for DAMAC projects is between 7% and 8% in a tax free environment where people from more than 180 nationalities work and live in harmony as per the numbers provided by the General Directorate of Residency and Foreigns Affairs-Dubai.”
El Chaar: “DAMAC Properties offer a various range of luxury real estate products with prices ranging from CNY 3.2 million to CNY 64 million in the most desired areas of Dubai, where the market is showing stability and sustainable growth proven by our announced sales volume recorded in the first 9 month of 2015 that reached around CNY 12.7 billion.”
The offer is apparently running until the end of January 2016 but all interested customers are invited to call in for more info (and to check whatever small print is presumably in place to avoid the firms “doing a Hoover”).
Qfang has 1200 outlets across 19 cities in China and over 30,000 sales staff, actively promoting and selling real estate to Chinese investors. The firm has recently expanded into Japan, US and Malaysia.
You’ll recognise the name DAMAC from the splash they made earlier this year with plans for a Versace-branded tower in London’s Nine Elms. Set up in 2002, the firm is also working with FENDI, Paramount Hotels & Resorts, The Trump Organisation and Bugatti.
Image: Infinity Pool at the top of the Paramount Tower Hotel Residences-Dubai (PRNewsFoto/Qfang and DAMAC Properties)