Shanghai United to invest A$1b in Australian real estate
China-based Shanghai United Real Estate has plans to invest more than A$1 billion ($750 million) in Australia over the next decade, according to The Financial Times.
The firm has already invested A$600 million ($449 million) in several residential and commercial developments across Australia.
In his latest interview on Friday, Yangdong Xu, Shanghai United chief executive, said Australia was a key destination for Shanghai United’s investment because of its stable environment, strong immigration levels and lower political risk when compared to other western markets.
For the third year in a row, China was the largest source of approved investment (A$47.3 billion/$34.7 billion) in Australia, driven by continuing approvals in the real estate sector (A$32 billion/$23 billion), according to the latest Foreign Investment Review Board annual report. The A$31.9 billion ($23.4 billion) was toward residential development assets.