One of China's most voracious property developers Poly Global is shedding staff in Australia and has suddenly abandoned a late-stage deal with Lendlease, as tensions between the two countries escalate.
This week, after lengthy and advanced negotiations, Poly Corp abandoned talks with Lendlease about buying Bingara Gorge, a 200-hectare residential development and golf course in Sydney's south-west.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
Matthew Cranston was The Australian Financial Review’s United States correspondent.
