China Aoyuan Group Ltd.'s Aoyuan International Investment Group subsidiary is buying a majority shareholding in Capital Bluestone Pty. Ltd. under an approximately A$200 million deal, The Australian Financial Review reported.
As part of the deal, Aoyuan International will gain six Capital Bluestone residential developments, including the Woolooware Bay Town Centre and the Cronulla Sutherland Leagues Club in Sydney. According to the April 3 report, it will boost the residential footprint of the Hong Kong-listed developer's international arm by approximately A$2 billion.
Capital Bluestone Executive Chairman Steve Grant was quoted in the report as saying the deal is also very timely for the firm, given that getting financing is challenging in current market conditions.
Based in Sydney, Capital Bluestone has development, planning, design and construction experience in commercial and residential real estate projects. It has delivered over A$2.5 billion of development partnership projects since 1990 and has a pipeline of more than A$2 billion, according to its website. Aoyuan International, on the other hand, is its Chinese parent's real estate arm for international projects and has developments in Australia, Canada and Hong Kong.