Yuhu commits $2.8b to Circular Quay and Gold Coast developments

Yuhu commits $2.8b to Circular Quay and Gold Coast developments

25 May 2018

Developer Yuhu Group Australia has settled on Dalian Wanda’s two Australian assets on the Sydney Harbour and the Gold Coast in a deal worth $1.13 billion.

Yuhu will spend almost $3 billion on the two-project package, reports The Urban Developer.

The secretive Yuhu group, which was embroiled in a political donations scandal in 2017, released a statement yesterday revealing its plans for the landmark projects bought from Wanda Australia Real Estate Investment earlier this year after months of denying a deal was in play to The Australian.

Dalian Wanda’s footprint in Australia was set to grow until the Chinese government called time on the group’s debt-laden overseas investments. Under pressure from Beijing, the group also sold its interests in one of the largest luxury residential projects under development in London, the One Nine Elms project on the south bank of the River Thames for about £59 million ($102 million).

Jewel, on the Gold Coast, and Sydney’s One Circular Quay are now part of AWH Investment Group Pty Ltd, Yuhu’s associate company, led by Jimmy Huang, son of Xiangmo.

“These are outstanding development sites and there is a lot of anticipation about what we can deliver to realise their enormous potential,” AWH director Jimmy Huang said.

“The hotels, for example, will be world-class in every respect and help support the continued growth of Australia’s international tourism industry, with both locations very popular among visitors.”

Xiangmo said the Circular Quay project is an important part of a multibillion dollar rejuvenation plan for the Sydney CBD and waterfront.

“This is a transformational period for Sydney and we are very proud to be in a position to make a positive contribution to the urban renewal process through the highest quality of design and construction,” he said.

Mr Huang said it was a similar case on the Gold Coast where the Jewel would support tourism and create enviable living standards, at a time when other major investments in infrastructure and residential development were being planned.

“We are determined to ensure our projects fit in with the development plans of the relevant councils and meet the broader expectations of the community. These are investments for the future so our vision can be summed up as ‘built to last’ rather than ‘built to sell’,” he said.

AWH director Jimmy Huang said the projects would set an extremely high benchmark

Yuhu Group CEO Nick Tobin said the acquisitions marked the beginning of an exciting new period for the company. “These are terrific projects for us to be associated with given their iconic nature and the economic benefits they will bring,” he said.