Chinese developer plans Sydney office and hotel skyscraper
Chinese development company Greaton Group has proposed a major skyscraper in the Sydney CBD, despite rising political tensions between China and Australia casting a pall over the property sector.
The wave of mainland Chinese developers that have poured billions into projects in Australia over the past decade has ebbed significantly with high-profile exits, including property giant Wanda Dalian making a $1.13bn sale of its Australian projects in 2018.
Industry players told The Australian that Beijing had indicated mainland developers should wind back their commitments to local projects, although many are involved in the country’s largest projects.
Privately held Chinese group Aqualand alone has projects ranging from a $1bn North Sydney apartment scheme to a $2.5bn precinct at Central Barangaroo.
China’s Ping An Real Estate, alongside Japan’s Mitsubishi Estate Asia, is also backing Lendlease as it builds the $2bn Circular Quay Tower, with the 263-metre tower to become Sydney’s tallest office building and accommodate US company Salesforce.
And other Chinese groups are buying.