Guangzhou R&F Properties Co. has agreed to acquire six parcels in Malaysia for 4.5 billion ringgit ($1.39 billion), becoming the latest Chinese property developer to expand abroad.

Guangzhou R&F said it has been exploring opportunities to expand abroad "to tap into fast-developing market overseas and to add momentum to the growth of the group. Malaysia, with a sizable Chinese community and favorable government policy attracting foreign purchasers, is well-suited for the first venture of the group outside (China)."

This year, Chinese property developers have been aggressive in buying land and property projects overseas as they look to tap demand from their Chinese customers. Many Chinese nationals are looking for a home address abroad, driven by domestic limits on home purchases as well as the stronger yuan, higher investment returns, asset diversification or migration purposes.

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