Chinese property developers are continuing to push into the Australian apartment development market after
Chiwayland signed onto a joint development project in Sydney.
The Singapore Exchange listed company has paired with an Australian company for the project and according to The Australian, it is not yet known which site or company it has paired with.
In an interview they conducted, a spokesman for Chiwayland described the Sydney market as “very hot” because of a shortage of supply and a competitive demand.
Chiwayland’s announcement comes in the same week that major Chinese developer
China Poly Group is thought to have entered the Sydney apartment market by paying $110 million for a site at Epping.
Chiwayland’s first foray outside China was in Queensland earlier this year, when it set up a joint venture with Brisbane-based group
Property Solutions to develop $160 million worth of projects.
Political stability and transparency is what is thought to behind the Chinese influence in Australia.