19-11-2014, 10:39 PM
China Poly Group wants crack at units
THE AUSTRALIAN NOVEMBER 20, 2014 12:00AM
Greg Brown
Property Reporter
Sydney
Lisa Allen
Property & Tourism Reporter
Sydney
CHINESE developer China Poly Group has swept into Australia’s apartment market planning an aggressive $110 million acquisition of a site in Sydney’s northwest.
Backed by assets of more than $75 billion, the group follows other major Chinese and Hong Kong-based behemoths that have recently entered the market, including Greenland Holding Group, Country Garden, Shimao Holdings and Golden Horse Holdings.
Poly is believed to be the frontrunner on Goodman Group’s Cambridge Office Park in Epping after outbidding rival Chinese developer Greenland.
The 8314sq m site fronting 20-28 Cambridge Street can accommodate up to 500 apartments plus commercial space.
Poly Group, Goodman and the agents on the deal, JLL’s Sam Brewer and Ben Hunter, declined to comment last night.
The state-owned China Poly Group has a Shanghai-listed commercial property arm, Poly Real Estate, and a Hong Kong-listed arm, Poly Property.
Founded in 1992, the China Poly Group is one of the biggest companies in China, specialising in international trade, real estate and art. The group reported a profit in 2012 of about $3.5bn, according to its website, which says it and subsidiaries operate in 60 cities across 10 countries.
Poly was scouring the Australian market for more than a year in the hope of cashing in on the Australian apartment boom. The group was reportedly in north Queensland in August for an investment roadshow for Hong Kong billionaire Tony Fung’s $8bn Aquis mega-resort and casino near Cairns.
It also looked at several Sydney housing sites.
Meanwhile, Goodman is cashing in on the demand for Sydney apartments by selling ageing city sites to residential developers. The group reaped more than $350m for the sale of a site in Erskineville in Sydney’s inner west to Golden Horse, as flagged by The Australian recently. The 7ha Erskineville site has the potential for about 1765 residential dwellings.
Goodman has said it has $500m of urban renewal sites on the market, under due diligence or sold in Australia and Britain. It holds industrial parks with the potential to be converted into more than 35,000 unit blocks in inner-city locations across Australia and has been selling since last year.
THE AUSTRALIAN NOVEMBER 20, 2014 12:00AM
Greg Brown
Property Reporter
Sydney
Lisa Allen
Property & Tourism Reporter
Sydney
CHINESE developer China Poly Group has swept into Australia’s apartment market planning an aggressive $110 million acquisition of a site in Sydney’s northwest.
Backed by assets of more than $75 billion, the group follows other major Chinese and Hong Kong-based behemoths that have recently entered the market, including Greenland Holding Group, Country Garden, Shimao Holdings and Golden Horse Holdings.
Poly is believed to be the frontrunner on Goodman Group’s Cambridge Office Park in Epping after outbidding rival Chinese developer Greenland.
The 8314sq m site fronting 20-28 Cambridge Street can accommodate up to 500 apartments plus commercial space.
Poly Group, Goodman and the agents on the deal, JLL’s Sam Brewer and Ben Hunter, declined to comment last night.
The state-owned China Poly Group has a Shanghai-listed commercial property arm, Poly Real Estate, and a Hong Kong-listed arm, Poly Property.
Founded in 1992, the China Poly Group is one of the biggest companies in China, specialising in international trade, real estate and art. The group reported a profit in 2012 of about $3.5bn, according to its website, which says it and subsidiaries operate in 60 cities across 10 countries.
Poly was scouring the Australian market for more than a year in the hope of cashing in on the Australian apartment boom. The group was reportedly in north Queensland in August for an investment roadshow for Hong Kong billionaire Tony Fung’s $8bn Aquis mega-resort and casino near Cairns.
It also looked at several Sydney housing sites.
Meanwhile, Goodman is cashing in on the demand for Sydney apartments by selling ageing city sites to residential developers. The group reaped more than $350m for the sale of a site in Erskineville in Sydney’s inner west to Golden Horse, as flagged by The Australian recently. The 7ha Erskineville site has the potential for about 1765 residential dwellings.
Goodman has said it has $500m of urban renewal sites on the market, under due diligence or sold in Australia and Britain. It holds industrial parks with the potential to be converted into more than 35,000 unit blocks in inner-city locations across Australia and has been selling since last year.