To Chinese property investors, Australia is the land of plenty. Plenty of land, plenty of wealth, plenty of opportunities.
You see them at every house auction, every property open day, and every real estate development conference. Their love for Australian property is probably paralleled only by their love of the iconic Australian cereal, Weetbix. It has got to the point that Australian real estate franchises are seeking Chinese-speaking agents to specially perform a house auction in Mandarin.
And so, with an influx of Chinese investors, Australia is also introduced to the amusing side of Chinese superstition; most notably, the lucky number 8, the unlucky number 4 and Feng Shui.
This week, China’s “Bridge Capital” purchased an inner city building for the auspicious sum of $88,888,888 AUD (455,805,135 RMB). The building itself, 333 Kent Street (pictured above), located in the Sydney CBD will now be redeveloped into a high-end hotel and residential building that will take advantage of the scenic views over Sydney Harbour.
With other upcoming Sydney property developments to boost the tourism industry, Sydney’s hotel sector is considered the strongest in the Asia Pacific Region, according to the Sydney Morning Herald; making this investment undoubtedly worthwhile.
The building’s current facade will remain as it is, however it will most likely be renovated inside. So its not unlikely that the Chinese development company will hire a couple of Feng Shui masters to optimize the location of various furniture around hotel rooms.
Let’s just hope they keep it within reason.
By Christopher Shi
[Images via Domain Property News]