Developer Australia YMCI is counting on a vote by owners of defective apartments it has rectified in western Sydney to draw a line under legal action and allow it to get on with marketing the next stage of its $5 billion Ovation Quarter development.
AYMCI, a subsidiary of Chinese state-owned enterprise Yunnan Health & Cultural Tourism Holding Group, said it had spent more than $500,000 to fix defects, including faulty waterproofing membranes and insufficient fire protection in the Ruby and Emerald buildings of its western Sydney development.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
