PNC Menon-led Sobha Hartland eyes $163m Chinese investment
Sobha opens Shanghai office after noting 200% hike in spending from China for its Hartland megaproject in Dubai
Dubai-headquartered developer Sobha Group has opened a sales office in Shanghai as it seeks to expand its Asia footprint as it targets $163.3m (AED600m) of investments from China in its Sobha Hartland megaproject.
The company said Chinese investment in its Mohammed Bin Rashid City project has grown by 200% in the first two months of 2019.
Commenting on the company’s Asian expansion, Jyotsna Hegde, president of Sobha Realty, said: “The UAE and China enjoy strong trade, tourism, and cultural ties, which was further strengthened following the visit of Chinese President Xi Jinping in July 2018.
"China is a strategic growth market for Sobha, and we believe our sales office in Shanghai will provide a major fillip to Chinese investments in our projects.”
Hegde added that Dubai Government’s "investor-friendly regulations" and the much-anticipated Expo 2020 Dubai were cited by Sobha Realty's president for the uptick in Dubai's luxury real estate sector.
According to a report by Dubai Land Department (DLD), 9M 2018 saw investments worth $462.8m (AED1.7bn) pouring into Dubai’s real estate market by Chinese investors. Global consultancy Colliers International said in a report that 1.3 million Chinese tourists visited the UAE in 2017.
Sobha Group will imminently start working on a $190m (AED700m) 60-storey skyscraper on Dubai's Sheikh Zayed Road, which will serve as the company's headquarters when it is complete.