Australian properties developer Phileo Australia Ltd announced on Monday it will sell its residential projects to Country Garden Mambourin Pty Ltd (CGA), a subsidiary of Chinese real estate firm Country Garden Holdings Co Ltd.
The property has been sold at A0 million (3.6 million), and the full payment is expected to be made by February 2022, according to an announcement made by the Australian company on Monday.
The acquisition represented the CGA's long-term commitment to the Australian market, the company's managing director Guotao Hu was quoted as saying in a report by the Australian market information site the Urban Developer on Monday.
Established in 1992, Country Garden now has over 900 projects around the world. It went public on the Hong Kong stock exchange in 2007, according to the company's website. It recorded 140 billion yuan in sales in 2015.
The company entered the Australian market in 2014 and is currently delivering a major residential mixed-use community, Ryde Garden, 15 kilometers northwest of the Sydney CBD that consists of 830 apartments across three buildings, according to the Australian website.
The Chinese real estate company recorded nearly 300 billion yuan of revenues in the first half of 2017, thanks to the rapid growth in third- and fourth-tier cities in the country, domestic financial news site Caixin reported on Monday.