China Poly Group seeks additional overseas deals

Beijing-headquartered conglomerate China Poly Group Corp said it will continuously promote its business in both developing and developed countries, further expanding its reach abroad.

The company will increase its investment in Western markets while also carrying out investment opportunity studies in economies involved in the Belt and Road Initiative, as a new growth point for its business.

"Poly sees investment projects in numerous Western markets as well as economies involved in the Belt and Road Initiative," said Xu Niansha, chairman of the conglomerate.

"Our overseas projects generate profits and help Poly build a good image there."

Poly currently does business in two thirds of the economies involved in the Belt and Road Initiative, helping local economies in infrastructure construction and livelihood projects.

According to Poly, the initiative gives the company more opportunities for business expansion and Poly will focus more on diversified real estate sectors, including real estate projects in elderly care, commercial retail and tourism, sectors that are all experiencing substantial growth momentum.

China's real estate sector profit margin has slowed down as the industry enters a more balanced supply-demand situation.

Xu said the company has been carrying out cooperation in the cultural sector with the United States, Australia, Europe, Africa and Southeast Asia.

The company has also been pushing forward cooperation in performance and theater management and the arts business, as well as auctions and cinema investment, exporting Chinese cultural products to Western markets, while introducing Western classics to the Chinese market.

"Culture export undertakes the responsibility of cultural communication between different countries and also bears economic significance, helping enhance the soft power of a country," he said.

Xu said the company has great confidence in the prospects for China's economic growth.

"China's determination to further open itself to outside investment shows that China will be an open economy and has more confidence in international markets," he said.

"We are willing to have more extensive cooperation with our international partners."