Chinese developer Dahua Group has unexpectedly put one of its major Melbourne estates, Riverhills, on the market just two weeks after stating its commitment to all of its housing projects. Despite insisting that it is not quitting Australia, Dahua’s decision to downsize its large portfolio follows a trend seen with other major Chinese developers, such as Country Garden, as they exit the Australian market.
Riverhills, spanning 192 hectares in the north of Melbourne, could generate offers between $90 million and $100 million if sold as a pure land sale. The developable portion of the estate covers approximately 98 hectares. Furthermore, if sold as a going concern, with over 70 lots sold and about 50 currently under construction or completed, the estate could yield more than 900 lots with an end value of around $350 million.
Dahua Australia spokesperson stated that the decision to put Riverhills on the market was a result of receiving numerous approaches from interested parties. The company has engaged LAWD to conduct a select tender campaign for the sale. Having already denied rumors of selling its portfolio just two weeks ago, Dahua’s decision to downsize comes as a surprise.
In addition to Riverhills, Dahua has five projects in Melbourne, three in Sydney, and two in Brisbane. It entered the Australian market in 2014 and has since been privately owned by real estate mogul Jin Huiming.
– Source 1: The original article can be found at [URL] (Not provided)
– Source 2: Dahua Australia spokesperson