Leading private developer Grocon has won the backing of Chinese investor Zhengtang for a $700 million hotel complex on the IMAX cinema site at Sydney's Darling Harbour.
The tie-up between the pair – with Zhengtang itself understood to be corralling capital from China – represents a new step for Grocon, tapping into the historic wave of private Chinese investment into the Australian market.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
Mercedes Ruehl writes on real estate specialising in sales, leasing and residential properties. Connect with Mercedes on Twitter.
