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Chinese residential developers have emerged as a major force in the Australian market; Chinese billionaire's big plans for Sydney
Topic Started: 13 Feb 2013, 09:50 AM (2,019 Views)
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Chinese billionaire's big plans for Sydney

July 18, 2014
Stephen Nicholls

Chinese developer Greenland Group is building Sydney's tallest apartment block, Greenland Centre, which will be bang on the city's height restriction of 235 metres.

But the firm's president and chairman, Mr Zhang Yuliang, told a Sydney media conference on Friday he was willing and able to buiild towers that were much taller.

In response to a question from Domain, Mr Zhang said through an interpreter:

"Maybe you know that we have many tall towers in China which are over 400, 500 or even 600 metres.

"So only if such kind of requirements are raised from the public or the city, we are able to build such towers.

"And in the angle of our investment capacity, and our building techniques we will have no problems building such towers."

Current rules mean Sydney's skyscrapers can't exceed the height of the gold section of Sydney Tower.

James Packer's casino at Barangaroo will be an exception from the 235 metre rule. It will be 271 metres, winning government approval because of its low position on the harbour foreshore.

As a result, the Harbour City is dragging the chain in the national high-rise stakes, with the 319-metre tower Australia 108 recently winning approval in Melbourne.

Australia 108 will be the tallest apartment building in the southern hemisphere. And several other Melbourne residential towers are planned which will all exceed Sydney's 235 metre limit.

Mr Zhang said he had projects on the way in Melbourne - a three-tower project of 1000 apartments in Flemington which is yet to win council approval - and also Brisbane.

Read more: http://smh.domain.com.au/real-estate-news/chinese-billionaires-big-plans-for-sydney-20140718-zuly1.html
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Chinese double real estate bet

Metro Property Development, founded by property identity David Devine, plans to book a $24 million profit in just over six months by selling a site to Chinese real estate giant R&F Properties.

The Hong Kong-listed, Guangzhou-based R&F is in due diligence to pay $46 million, more than twice the $22 million Metro paid for the former TAFE college in south Brisbane last December.

The deal, which is set to go unconditional this month, shows how capital flowing out of Asia, particularly China and Singapore, into Australia is quickly moving from the booming cities of Melbourne and Sydney to the undervalued Brisbane market.

Mr Devine declined to comment on the deal but told the Financial Review Sunday program he expected a wave of Chinese investment in property to come. He predicted the foreign capital would contribute to an oversupply of apartment stock in Australia.

The RBA has been monitoring the impacts offshore capital could have on the competitiveness of Australian banks looking to lend to local developers. Local developers have restrictions on how much they can borrow and how many apartments they can sell to overseas buyers, whereas the offshore-backed developers do not.

The Australian Taxation Office has also been monitoring the impacts of offshore capital on local developer’s decisions to sell out.

In comments unrelated to Metro’s potential property deal, the ATO’s Deputy Commissioner Tim Dyce said last week the tax office had begun auditing property developers ­carrying out activities which conflict with their stated purpose of capital investment.

“A growing number of property developers are using trusts to suggest a development is a capital asset to generate rental income and claim the 50 per cent capital gains discount,” Mr Dyce said.

Grant Thornton partner and global head of real estate Sian Sinclair warned developers to be careful when seeking the 50 per cent discount on any capital gain on the sale of property which they had held for development and not as a long term investment.

“The developer might be saying “We have had a nice little bit of interest from overseas for this property so we might take a nice little capital gain,” but the developer would have to prove to the tax office the true intention of the property,” she said.

“The developer would have to make sure there was never any marketing for a development or that there were never any internal minutes documenting an intention to develop.”

Read more: http://www.afr.com/p/business/property/chinese_double_real_estate_bet_CL6YMy95VVxwdWnWoDKLbM
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