Giant Chinese property developer Hengyi has emerged as the buyer for a massive development project on the edge of the Melbourne CBD, which has a permit for more than 1000 apartments.
Hengyi, which is a subsidiary of Shandong HYI Group, a powerful player in China’s Shandong province, has significant exposure through two other residential projects in the Melbourne CBD.
The Chinese group acquired the site at 170 Victoria Street from listed Singaporean developer Chip Eng Seng for $64.8 million last month.
The deal attracted considerable attention in the market. The Singaporean seller doubled its money in just two years after gaining a planning permit under the previous state government.