Shanghai United Real Estate, a little-known Chinese property developer, is planning to invest more than A$1bn in Australia, shrugging off economists’ growing concerns about the emergence of a possible “housing bubble” in the main cities.
The investments follow the group’s A$130m purchase last month of an InterContinental hotel in Double Bay, Sydney — a property that is famous as the location of the death of INXS singer, Michael Hutchence, in 1997.
Shanghai United is the latest in a flood of Chinese developers to enter the Australian market as they seek to diversify overseas, amid diminishing returns in their home market.
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