The largest French governmental asset to be sold outside of France may go to a Chinese buyer, according to land agent CBRE Group.

The French embassy in Kuala Lumpur, Malaysia, has been put up for sale, and Chinese buyers have expressed interest in investing, according to CBRE, the sole agent.

The piece of land along Jalan Ampang covers 8 acres, and is close to major landmarks including the Petronas Twin Towers and the Suria KLCC shopping center.

"The most attractive thing is it offers size and volume, which is rare in the prime region. The front part is for commercial development and the back part can be developed into a mixed-use project," according to a CBRE manager.

It is perfect for Chinese investors as they can create large integrated developments that include retail, offices and serviced apartments, he added.

Malaysia has been a familiar market for Chinese developers for years. China's property tycoons, including Country Garden, R&F Properties and Greenland Group, have been investing heavily in land since 2012.

Chris Boyd, executive chairman of CBRE Malaysia, said the embassy sale is the largest sale of a French governmental asset outside France to date.

 

It is not rare for diplomatic missions to streamline their real estate holdings overseas, following the seminal sale of the Australian embassy in Tokyo in 1988.
 

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