Country Garden Shifting its Investment Focus to First- and Second-tier Cities
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BEIJING, March 31 (TMTPOST) —— Country Garden, nicknamed the "King in Third and Fourth-tier Cities" in the property industry, announced it would resume land acquisition but shift its investment focus to first - and second-tier cities. The switch to the first- and second- tier cities was announced in speeches made by Mo Bin, president of Country Garden, and Cheng Guangyu, executive vice president of the company, in an earnings conference on Thursday. Country Garden's strategic change also means that the land market in third - and fourth-tier cities will remain sluggish. Country Garden’s business benefited from urbanization in previous years, with a focus on third and fourth-tier cities. From 2015 to 2017, there was a wave of monetary housing compensation for people displac