Chinese investor buys two more properties

Greenland Holdings Group, a Chinese state-owned conglomerate, has purchased two properties in Australia from residential developer Iris Capital. The deal comprises the former 14-story Mercure Hotel site in Kings Cross and The Crown Hotel in Parramatta; both assets are part of an apartment redevelopment plan.

Real Capital Analytics estimates the off-market deal to be valued at $130 million. The transaction will add more than 300 units to Greenland’s Australia portfolio since it entered the market several years ago. 

The Mercure Hotel project, which incorporates the Crest Hotel and late-trader Goldfish bar, will be known as the Hourglass. The Crest is leased to the Mercure hotel group but has development approval for approximately 139 apartments. The Crown Hotel development site has a planning proposal for fewer than 200 units. 

Recent Greenland projects in Australia include the acquisition of a North Sydney site for a $700 million