Herbert Smith Freehills is advising Poly Real Estate Australia, the Australian arm of Shanghai Stock Exchange listed developer Poly Real Estate Group, on a portfolio of what will be four residential and mixed use developments in Sydney. The portfolio will have a combined end value of over $1.5 billion, and will include more than 1,200 residential apartments.
The first development in the series – Tilia by Poly in Lindfield – was launched in late October. Herbert Smith Freehills acted on the acquisition of the second development site, the historic Bankstown RSL Club on Kitchener Parade, Bankstown, which will be launched later next year, and will comprise about 500 apartments and commercial and retail space. The third development at 14-24 Stanley St, Kogarah, will also be launched later next year with about 100 units. The fourth project is expected to include over 500 apartments.
Poly Real Estate Group, owned by China Poly Group, a Fortune Global 500 corporation, is engaged in residential and commercial property development around the world.
The Herbert Smith Freehills team was led by consultant John Wei and partner Nicholas Cowie with the support of senior associate Japonica Sheridan, lawyer Maxwell Wu and Licensed Conveyancers Lyn McSweeney and Amy Zhong.
“We are pleased to be advising Poly Real Estate Australia on these projects in Australia. Herbert Smith Freehills is continuing to work with a range of Chinese real estate clients as they expand their investments in the Australian real estate market”, Mr Wei said.
“This portfolio of four projects being undertaken by Poly further demonstrates that Australia remains one of the favourite destinations for Chinese outbound investment due to a transparent and independent legal system, a relatively stable political structure and a world class lifestyle.”