HPG told to divest One Sydney Park: report

HPG told to divest One Sydney Park: report
HPG told to divest One Sydney Park: report

The Chinese apartment developer HPG, a subsidiary of Chinese conglomerate Hailiang, has declined to deny a report the Chinese government has sought the divestiture of its One Sydney Park project.

It is a slow selling 400-apartment project spanning 2.1 hectares in Erskineville, six kilometres from the Sydney CBD.

HPG told to divest One Sydney Park: report

Chinese companies have been told to relinquish investments outside China, to strengthen its economy as the trade war with the US escalates, the Australian Financial Review advised.

It reported HPG had been "shopping quietly off-market for a partner or a buyer" for its $600 million flagship apartment project, One Sydney Park.

HPG acquired the former Goodman Group industrial site in 2015.

There have been around 50 sales so far at the 205-213 Euston Road site. will end its presence in Australia, which started in 2014.

HPG declined to comment.
 
The paper speculated the Chinese government was tightening up its capital reserves to cushion potential blows to the Chinese economy.
 
It follows an earlier round of capital recall in 2017 when Beijing sought an end of powerful Chinese conglomerates including Dalian Wanda with their debt-laden international spending spree.
 
HPG reportedly sold about 50 of the 100-unit first stage launch of One Sydney Park in February this year.
 
HPG told to divest One Sydney Park: report
 
Nearly all the buyers of the project's apartments were intending owner occupiers.
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