Guocoland, the developer controlled by Malaysian billionaire Quek Leng Chan, said China’s efforts to avert a property bubble has encouraged the company confidence to double its investment in the country, reported Bloomberg.

Guocoland, whose projects combine shopping malls, apartments, offices and hotels, said a year ago it planned to invest 33 billion yuan ($6.6 billion) in new commercial properties in China.

“We should very easily double that,” Violet Lee, head of Guocoland’s China operations, said in an interview in Beijing. “We have much more confidence now because we can sense the central government is taking things very seriously.”

Property prices in China surged by a record 11.7% in March from a year earlier, prompting the government to announce measures last week that increased the size of down payments, raised interest rates on second homes and barred banks from funding purchases of third homes.

Guocoland’s new investments will focus on integrated projects in major cities like Beijing and Shanghai as well as provincial centers, Lee said. The company is also considering expanding its land holdings.

The Singapore-based developer, part of Malaysia’s Hong Leong Group, aims to increase its investments over about two years, Lee said. She also sees a “big, big opportunity” in the Chinese government’s demand that 78 state-owned companies exit the property market because real estate isn’t their main business. The company plans to take advantage of the move through “mutually beneficially working relationships,” she said without elaborating.