Government buys up prime real estate sites in Australia

The Chinese government is said to be buying Australian real estate worth hundreds of millions of dollars year, in Sydney’s CBD, North Sydney and inner suburbs.

Major acquisitions include Cambridge Office Park in Epping, bought by Poly Real Estate Group for $110 million; the Lucent project at North Sydney, bought by Shanghai’s Greenland group for $58 million; and the Kolotex factory at Leichhardt, also by Greenland, for $45 million.

All of these have been done by private investors who seem to be dominating China’s interest in Australian property.

However, in 2014, state-owned enterprises from the People’s Republic dominated and allegedly bought an estimated $260 million worth of commercial real estate.