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Chinese investors cinch $1.5 billion Sydney deal
Sydney properties intended for residential and mixed use have been acquired by the Aussie arm of a developer based in China.
Melissa Coade
Firms: Herbert Smith Freehills (Poly Real Estate Australia)
Value: $1.5 billion approx (combined value)
Area: Real estate
Key players: The HSF team advising Poly Real Estate was led by consultant John Wei and partner Nicholas Cowie. Senior associate Japonica Sheridan, solicitor Maxwell Wu assisted. Licensed conveyancers Lyn McSweeney and Amy Zhong were also involved in the transaction.
Deal significance: The Australian arm of Poly Real Estate Group, Poly Real Estate Australia, has built a portfolio of development projects that will include over 1,200 residential apartments. The developments include sites at Lindfield, Bankstown, Kogarah and another undisclosed location, in total worth more than
$1.5 billion.
Poly Real Estate Group, owned by China Poly Group, a Fortune Global 500 corporation, is engaged in residential and commercial property development around the world.
HSF consultant John Wei, who led the team advising the group, said that the firm continued to work with a wide range of clients from China looking to invest in the Australian real estate market. Poly Real Estate Australia’s ambitions were indicative of this interest, he added.
“This portfolio of four projects being undertaken by Poly further demonstrates that Australia remains one of the favourite destinations for Chinese outbound investment due to a transparent and independent legal system, a relatively stable political structure and a world-class lifestyle,” Mr Wei said.
