China group to purchase land near Melbourne racecourse

[CANBERRA] Australia's leading racing club Victoria Racing Club (VRC) announced yesterday that it has signed a Memorandum of Understanding (MOU) with Greenland Holding Group Overseas Investment Company Ltd, a division of China's leading property developer, to prepare a development concept for two parcels of land adjoining Flemington racecourse in Melbourne.

The MOU requires both parties to devote resources to the preparation of a sales contract for the two parcels of land which are approximately 10,500 square metres and 30,174 square metres respectively.

The negotiation process is expected take up to six months, during which applications for planning approval will be prepared.