Medich brothers sell Badgerys Creek farm to Chinese buyers

Medich brothers sell Badgerys Creek farm to Chinese buyers
Medich brothers sell Badgerys Creek farm to Chinese buyers

Accused murderer Ron Medich and his property developer brother, Roy have sold their substantial landholding adjacent to the proposed second airport at Badgerys Creek.

The sale is rumoured to be more than $500 million, according to the SMH's investigative reporter Kate McClymont.

It is to companies associated with Chinese property billionaire Shen Yuxing, also known as Tin Ching Shum.

Sources close to the deal say it is contingent upon Foreign Investment Review Board approval.

Mr Shum is the majority shareholder of property developing company Boyuan Holdings which listed on the Australian Securities Exchange last year.

It has been buying up properties in the Hunter Valley and Marsden Park in Sydney's north-west.

The sale to the Chinese investors includes the Medich brothers' 344-hectare site at Elizabeth Drive, Badgerys Creek, and their nearby 73ha holding in Bringelly.

"Unfortunately, we have signed confidentiality agreements so I can't make any comment," said Roy Medich of the sale to the SMH.

The proposed purchase, via put and call options struck last month, was not mentioned in Boyuan's half-yearly notice to the ASX, which was filed last week.

The Medich brothers purchased the Badgerys Creek site in 1996 from the CSIRO.

Zoned agricultural, the Mediates secured the farm for $3.5 million, or about $10,000 a hectare. 

Tags: 
Badgerys Creek Ron Medich

Comments

Be the first one to comment on this article
What would you like to say about this project?