Guocoland, the developer controlled by Malaysian billionaire Quek Leng Chan, plans to double investment in China property to more than $9bn on confidence government efforts to avert a bubble will work.

Guocoland, whose projects include shopping malls, apartments, offices and hotels, said a year ago it planned to invest 33 billion yuan ($4.8bn) 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.”