Chinese property heavyweight Dahua Group has outmuscled local developers to snap up a billion-dollar land pipeline in a buying spree that has handed a wealthy family, a syndicate of landowners and two young property players a $347 million windfall.
Dahua Group’s purchase of three large land parcels in Point Cook in Melbourne’s west for $347 million mirrors a year-long buying spree in Sydney’s south-west in which the Shanghai-based group spent more than $400 million on three growth area sites in Bardia and Menangle Park.
The east coast land purchases, along with several city-based projects in Sydney and Melbourne, will catapult one of China’s richest men into one of Australia’s largest land developers with a potential pipeline of 8750 lots worth more than $2.5 billion.
Little is known about Dahua’s Jin Huiming, who is ranked 310 on Forbes’ China rich list. His company – previously a collective – is estimated to be worth about $1.1 billion and is among the country’s top 50 developers.
The group acquired its largest Melbourne holding, a 103-hectare site at 50a Hacketts Road in Point Cook, from Wolfdene developers Michael Goldthorp and Heath Woodman for $190 million.
The deal values each land lot at about $105,000, a record for land in Melbourne’s west.
Two other parcels, sites between 40 and 50 hectares in Point Cook and Aviation roads, were bought from a syndicate and a wealthy family for $75 million and $82 million respectively. The land sits behind Point Cook’s housing estates next to farmland and the RAAF Williams base.