Here’s why CityDev is banking on its overseas expansion to boost earnings

Overseas markets account for 27% of its topline.

The property firm has been flooring the gas pedal on its overseas expansion, as 45% of the group’s total assets came from markets abroad.

According to a report by RHB Research, the group has allocated GBP550m to the UK residential market, and has deployed GBP400m to date to acquire seven sites.

Additionally, RHB said it has allocated $800m of capital in China, which has not been fully deployed.

“Of the four sites in China, the group launched its villa project in Shanghai, Hongjiao Royal Lake in 3Q15 and has since sold 13 villas with sales value of CNY260m,” RHB said.

“At Hong Leong City Center in Suzhou, the group launched Phase 1, comprising a residential block and a SOHO Tower, achieving sales rates of 94% and 27% respectively with sales value of CNY1.36bn,” the report added.

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