State owned Poly Real Estate enjoys over AUS$3 billion in annual property sales in China and is the third largest payer of tax of all Chinese companies. They have over 350 developments in play now across 70 Chinese cities and they are now expanding to the US, UK and Australia. They have five residential developments here now.
But what they really want is to set up a ‘global network’ of migrant retirement housing’.
This means seniors housing where Chinese natioanls can come to live in say Sydney for three months, then LA and then London – a versatile network of temporary homes.
They are currently looking at individual retirement properties and portfolios to acquire or merge. Poly’s Australian MD Arthur Wang says they are interested in a relationship with a professional operator – this is more valuable than the land itself.