Análise das estratégias de expansão e de investimento dá Country Garden e da Direcional Engenharia: 2018-2023

Abstract

This study analyzes the behavior of the real estate market in China and Brazil between 2018 and 2023, through a comparative study of the expansion and investment strategies of Country Garden, in China, and Direcional Engenharia, in Brazil. The research adopts a deductive methodology, combining qualitative methods – based on literature review and analysis of sectoral reports – with quantitative methods – supported by secondary data from macroeconomic and corporate indicators. The period under analysis was marked by significant events, such as the worsening indebtedness of Chinese developers and the impacts of the COVID-19 pandemic on the global economy. The results indicate that: (i) Country Garden pursued an aggressive expansion strategy, which led to financial vulnerability and liquidity constraints; (ii) Direcional Engenharia maintained more sustainable growth by prioritizing low-income housing linked to government programs; and (iii) the pandemic affected the two markets differently, deepening the crisis in the Chinese sector while generating opportunities in the Brazilian low-income segment. It is concluded that Direcional’s model proved more resilient and adaptable, whereas the Chinese case revealed structural risks stemming from the strong dependence on credit and pre-sales.