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Goodman inks A$660M sale in Sydney with Yunnan, China-backed group

A A$660million deal for a development site in Sydney is making records both for the seller,Goodman Group, and thebuyer, Australia YMCI Pty. Ltd.

The Australian reported that Australia YMCI,backed by the provincial government of Yunnan, China, is planning to build 11 towerswith up to 4,000 apartments in the site, which will become the largest residentialdevelopment of a mainland China group in the country.

For Goodman,the sale sets the record for the highest price for a development site, the publicationsaid.

The Chinesegroup's 300,000-square-meter plan also includes a town center, a school and parklands.It will be designed by Woods Bagot and is likened to Sydney's Central Park. Planningdocuments seen by The Australian indicatethat the company plans to pour almost A$1.5 billion into the project.

The wholescheme, according to the report, is expected to be worth A$1.5 billion when completed.

Accordingto its website, Australia YMCI wasformerly known as Yunnan Urban Construction Investment Co. Ltd. Its featured projects include the residentialEpping Paradiso Garden and the retail Dee Why Market.

As of May 4, US$1 was equivalentto A$1.34.