Why it matters: Crown has been one of the largest developers in the country
A feud between its two owners has resulted in developments facing uncertainty
Bank of China has already put one major project in Sydney into receivership
The future of Crown Group, one of the country’s largest private property developers, is unclear amid a feud between the company’s two owners.
Crown, founded by Indonesia-born businessmen Iwan Sunito and Paul Sathio, built a real estate empire with major projects in Sydney and plans to develop in Melbourne, Los Angeles and Jakarta. It recorded sales of more than $355 million in the year before the COVID-19 pandemic.
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Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
