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First foray into the Australian market for Chinese property developer, Country Garden Australia with AUD73 million purchase of development site in Sydney

JLL Research shows Chinese investment in Australia active and growing in 2013

​SYDNEY, 26 FEBRUARY 2014 – Chinese property developer, Country Garden Australia Pty Ltd has made its first major investment in the Australian residential property market, purchasing a development site in Sydney’s north-west for AUD73 million.

The 17,580 square metre site holds a prominent position at 27-37 Delhi Road, North Ryde – 15 kilometres north-west of Sydney. 

The rezoning of the site for mixed-use development forms one of the biggest urban renewal projects in the State’s history as a result of the NSW Government’s initiative for new homes and jobs alongside the provision of at least $17 million in infrastructure. The Government’s Urban Activation initiative is to aid the transformation of rundown industrial and vacant sites into a hub for new homes and jobs near public transport. This site is adjacent to the North Ryde Railway Station. It is located on major arterial roads – M2 Motorway, Epping Road and Delhi Road. The site has potential for the development of approximately 815 apartments with associated retail, depending on the Development Approval outcome.

The purchase was transacted by Jones Lang LaSalle’s Ben Hunter and Aaron Hatch on behalf of the Goodman Group. 

Director, International Investments, Ben Hunter said, “This acquisition by Country Garden follows significant activity by other major Asian property development companies in the Australian market.  We have transacted a number of major site sales in both the Sydney and Melbourne markets over the past 12 months as these groups diversify away from their home markets. We expect this trend to continue for the foreseeable future.”
“We are seeing very strong offshore interest in particularly the Sydney and Melbourne residential markets and strong buyer interest in off the plan apartment sales,” said Mr Hunter.
The most recent information from the FIRB Annual Report for the financial year 2011-2012 showed that $5.5 billion worth of offshore investment proposals for residential development was approved and this was largely in NSW and Victoria (38% in NSW and 36% in Victoria).

Jones Lang LaSalle Research shows that Chinese outbound investment into commercial real estate increased globally by 124% to USD7.6 billion in 2013. This compares to USD3.3bn in 2012 and USD2.9bn in 2011. The Research shows Chinese real estate investors have been most active in Australia, Singapore, the US and the UK.

Chinese investment in Australian property markets increased by 222% from 2012-2013, reaching $590.1 million last year.

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of US$4.0 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion squar​e feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 27, 500 employees operating in 80 offices in 15 countries across the region. The firm was named ‘Best Property Consultancy’ in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013.

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