Guangzhou R&F Properties Co Ltd is going to explore overseas business opportunities by purchasing land in Malaysia.

R&F Properties will pay 4.5 billion Malaysian ringgit ($1.4 billion) for six sites in Malaysia, marking its first overseas acquisition, the Hong Kong-listed property developer said in a statement to the Hong Kong stock exchange on Monday.

The 116 acre (47 hectares) area will be developed into commercial and residential properties, according to the announcement.

R&F Properties said it is continuously looking for overseas opportunities, and the large Chinese community in Malaysia and favorable policies for foreign investors made it a good choice, the notice said.