Chinese investors have bought two sites in Melbourne’s west and south east for a combined $70 million as Chinese capital flees the riskier apartment market.

In the bigger of the two deals, a permit-ready 30-hectare site known as Botanic Drive, adjacent to the Cranbourne Royal Botanic Gardens, has changed hands for $42 million, well above market expectations of $30 million plus.

The site at 1160 Ballarto Road and 20, 60 & 80 Botanic Drive in Junction Village, which has approval for 311 lots, was put up for sale at the end of September by Michael Goldthorp, the managing director of land developer Wolfdene, and his investment partners.

Both sites were sold by Frank Nagle and Andrew Egan, directors at Biggin & Scott Land.

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