Buyers snap up units in China developer's Sydney project

[SYDNEY] Greenland Holding Group Co, one of the largest Chinese investors in the United States, sold about A$275 million (S$312 million) of apartments at its first Australian project as buyers snapped up almost all of the units offered.

The state-owned developer sold 241 of 250 apartments released in the first stage of Greenland Centre, the 66-storey central Sydney tower expected to be the tallest in the city, said David Milton, managing director for residential projects at selling agent CBRE Group Inc. The most expensive was a three-bedroom unit on the 55th floor, which went for A$3.7 million to a Chinese buyer living in Australia, he said.

"We had enormous interest, about 4,000 in the four to five weeks leading up to it," Mr Milton said yesterday. "This has been one of the most highly anticipated projects, with one of the highest level of inquiries that we've had."