Developer Yuhu Group Australia has settled on Dalian Wanda’s two Australian assets on the Sydney Harbour and the Gold Coast in a deal worth $1.13 billion.
Yuhu will spend almost $3 billion on the two-project package.
Yuhu chairman Xiangmo Huang, who came under scrutiny last year due to extensive political donations made by Huang’s companies, said the One Circular Quay project is an important part of a multibillion dollar rejuvenation plan for Sydney’s CBD waterfront.
Jewel Residences, an “ultra-luxe” three-tower development on the Gold Coast’s Surfers Paradise is the second site. Both projects, acquired from Wanda Australia Real Estate Investment earlier this year, are currently under development.
“This is a transformational period for Sydney and we are very proud to be in a position to make a positive contribution to the urban renewal process through the highest quality of design and construction,” Huang said.
Huang said Jewel would support tourism and “create enviable living standards” at a time when major investment in infrastructure and development was under way on the Gold Coast.
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“We are determined to ensure our projects fit in with the development plans of the relevant councils and meet the broader expectations of the community,” he said.
When completed, the two luxury developments will incorporate private residences, five-star hotels and boutique retail and restaurants, creating more than 1500 long-term jobs.
The Chinese development group were confirmed as buyers of the Dalian Wanda sites in January this year.
“These are investments for the future so our vision can be summed up as ‘built to last’ rather than ‘built to sell,’” Huang said.
Yuhu Group finalised their acquisition through Australian associate company AWH Investment Group Pty Ltd.