Chinese developer eyes major Circular Quay, Gold Coast sites
Chinese property developer Yuhu, which was linked to a donations scandal that engulfed the Labor Party last month, is understood to be in talks to buy two landmark property sites in Sydney and the Gold Coast in a deal that could top $1 billion.
Another Chinese developer Wanda Group has been wanting to offload the sites, at 1 Alfred St, Circular Quay in Sydney and the Jewel site on the Gold Coast for some time but has consistently denied a deal is in play. According to two people with knowledge of the transaction YuHu had entered exclusive talks to buy the properties.
Tobin could not be reached for comment, but a spokesman for YuHu on Wednesday night insisted no transaction was about to take place.
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Meanwhile, demolition of 1 Alfred St, Circular Quay is underway with Wanda originally proposing a six-star hotel and 186 apartments for the Sydney site.
The proposed Jewel development on the Gold Coast.
Meanwhile on the Gold Coast the Jewel development, which is under construction, is the city’s latest landmark, incorporating three luxury towers that are set to be completed by mid-2019.
In Sydney, Wanda paid about $425 million for the 1 Alfred St site and until Christmas agents CBRE had been taking registrations of interest in the luxury apartments. But the marketing and sales campaign appears to have been put on hold.
Tobin most recently served as general manager of another Chinese-backed property company, Aqualand, and was general manager of Willoughby City Council between 2007 and 2014, where he completed a $300 million capital works program.
It recently emerged that Yuhu, already a major donor to both Labor and the Coalition, paid legal expenses for Labor senator Sam Dastyari in 2014. Dastyari last month announced he was quitting politics amid scrutiny of his dealings with a Chinese businessman and political donor.
This article originally appeared on www.theaustralian.com.au/property.
