[ Yarraville, Melbourne, AUSTRALIA ]
Beijing-based Chang Sheng has acquired a 52.4-hectare property in Melbourne’s Yarraville for $172 million. It is Chang Shang’s first acquisition in Australia. Melbourne-based Fortune Property Group is also involved in this acquisition. Chang Sheng is led by chairman Liu Jie.
The property is planned to be developed as Yarraville Gardens, with a build-out value of an estimated $2.2 billion. The development will include 3,750 resident units, along with a community shopping center with two supermarkets and a retail street with shops and library.
The property was acquired from Colin De Lutis’ De Group.