HONG KONG: Country Garden said it had made almost zero home sales to Chinese buyers at its US$100 billion Malaysia project, after it stopped promoting the development to mainland buyers this year in response to Beijing’s moves to stop capital flight into offshore investments.

Sales in the first six months from the project in Malaysia, Forest City, was six billion yuan, the company’s chief financial officer, Wu Bijun, said at an earnings conference today.

The company, China’s top property developer by sales, said it expects full-year sales in Malaysia to drop to eight billion yuan, from over 10 billion yuan last year.

Country Garden, however, expects overall margins for the company to continue rising into 2019.