Aoyuan Obtains Low-cost Loans for Sydney Project from Commonwealth Bank of Australia Establishes Australia Office to Advance Parallel Development in Domestic and Overseas Markets
Date：2015-05-31
(31 May, 2015 – Hong Kong) China Aoyuan Property Group Limited ("Aoyuan" or the "Company", Stock Code: 3883), a renowned property developer in China, is pleased to announce that the Company has recently obtained a loan for its Sydney project, One30 Hyde Park (formerly 130 Elizabeth Street), from Commonwealth Bank of Australia, one of the big four banks in Australia. The Company has also officially established its Australia office.
Aoyuan acquired a prime site at 130 Elizabeth Street, Sydney CBD, at a consideration of AUD121 million (equivalent to RMB600 million) in March this year in partnership with Ecove, a prominent Australian developer, to develop luxury residential apartments. Leveraging its sound financial performance and excellent credit rating, Aoyuan has obtained an AUD60 million loan from Commonwealth Bank of Australia for land acquisition, with the total borrowing cost not more than 5% per annum. Meanwhile, Aoyuan has established an Australia team composed of local professionals with a wealth of experience in local property development and management. The team will be responsible for the operations of Aoyuan’s Australia projects. The stage 1 development approval has been granted by the City of Sydney. One30 Hyde Park is expected to be launched in the second half of this year.
Aoyuan management commented, "The official establishment of Aoyuan’s Australia office marks another solid achievement in the Company’s overseas development. In its One30 Hyde Park endeavor, the Company is fully supported by local cooperative institutions, demonstrating the market’s confidence in the development of Aoyuan’s first overseas project. The Company will steadily expand its footprint in overseas markets on the back of One30 Hyde Park to achieve parallel development in the domestic and overseas property markets."
Guo Zi Wen, Chairman of Aoyuan (Left), Mark Couter, General Manager of Corporate NSW/ACT, Commonwealth Bank of Australia (Centre) and Bassam Aflak, Principal of Ecove (Right) on the signing ceremony.
Jacky Chan, Vice President of Aoyuan and President of Australia Office (Centre) attended the Aoyuan Australia Office Opening Ceremony.
About One30 Hyde Park
One30 Hyde Park is developed by Aoyuan and Ecove, an Australian developer. The design is a 38-storey building with 148 luxury residential apartments and 2 retail shops. The project site is located in the heart of the Sydney CBD, and at the junction of Liverpool Street and Elizabeth Street. The site looks north over Hyde Park to the Opera House and Sydney Harbour, enjoying a stunning 280-degree view. It is in close proximity to the landmark Sydney Tower, the major tourist destination Chinatown, Australian Museum the oldest museum in Australia, and Royal Botanic Gardens. The project enjoys mature facilities on its peripheral area, with the heritage listed Museum Station directly connected to the project.