Chinese developers invest in Sydney’s luxury markert
September 17, 2014 - Sydney
Chinese property developers are increasingly favouring Sydney for real estate investments, as the city’s housing boom shows no end in sight.
One of the most notable transaction this year was the USD65 million investment by Chinese high-end developer Country Garden, which purchased a 17,580 sqm site in northwest Sydney on which it aims to develop a luxury residential project.
Owned by China’s wealthiest woman Yang Huiyan, who, according to Forbes is worth USD6.52 billion, Country Garden purchased the North Ryde-based plot from Goodman Group and will build an 800-apartment complex on the land (below).
Meanwhile, in an attempt to capitalise on Sydney’s booming housing market, some developers are turning their attention towards renovating commercial property.
Jones Lang LaSalle stated that 47,000 sqm of office space was removed from the market last year and renovated into residential space.
Examples to date include the AUD107.5 million purchase by Greenland Holding group—another major Chinese developer—of the former water board office in downtown Sydney and Singapore’s Far East Organizations’ AUD134 million acquisition of a large commercial property overlooking the city’s Hyde Park.
Source: Property Report
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