Chang Sheng Acquires Major Melbourne Site

[  Yarraville, Melbourne, AUSTRALIA  ]

Beijing-based Chang Sheng has acquired a 52.4-hectare property in Melbourne’s Yarraville for $172 million.  It is Chang Shang’s first acquisition in Australia.  Melbourne-based Fortune Property Group is also involved in this acquisition.  Chang Sheng is led by chairman Liu Jie.

The property is planned to be developed as Yarraville Gardens, with a build-out value of an estimated $2.2 billion.   The development will include 3,750 resident units, along with a community shopping center with two supermarkets and a retail street with shops and library.

The property was acquired from Colin De Lutis’ De Group.