Political donor Huang Xiangmo’s son buys Circular Quay landmark Gold Fields House
The Sydney-based son of Chinese political donor Huang Xiangmo has bought two major Australian properties worth $1.13 billion from one of China’s largest property developers.
- Former Labor senator Sam Dastyari had links with Huang Xiangmo
- The development includes a blue chip site near Sydney’s Circular Quay
- Shareholders are likely to give final approval for the property sale in March
Huang Jiquan, 24, is an Australian citizen living in Mosman in Sydney’s north, and his father is a powerful political donor in Australia.
Former Labor senator Sam Dastyari resigned amid concerns over his links to China and Huang Xiangmo.
The property sale was done through the newly formed private company, AWH Investment Group, in association with the private company of Huang Xiangmo, Yuhu Group Australia.
Yuhu Group Australia is a property development and investment company with assets including The Miller residential development tower in North Sydney.
The Wanda Group — a Beijing-based Chinese Multinational conglomerate — announced the sale to the Hong Kong stock exchange last night.
Shareholders will give final approval for the sale in March this year.
Huang Jiquan’s AWH investment group is now set to develop two sites — Number 1 Alfred Street at Sydney’s Circular Quay and the Jewel Project on Queensland’s Gold Coast.
The Circular Quay property is currently home to Gold Fields House, which dates to 1966 and was one of Sydney’s earliest high rises. It is now closed.
Big plans for dated site
Nick Tobin, the recently appointed CEO of the Yuhu Group Australia, said the development would be a mix of apartments, a hotel and retail.
“We are very excited to be delivering that project,” he said.
“We are going to have a look at what has been approved on the site and see what can be improved.
“Possibly a pool on top of either the hotel or apartment tower.”
He said there will be around a 180-room hotel and 184 residential apartments in a slender tower.
“We will work with the architects and the council so that there will not be any issues,” Mr Tobin said.
Mr Tobin said the Jewel project is currently being built on the Gold Coast.
“It is a serviced apartment building with a hotel and retail at ground level which will be finished in 2019,” he said.
Mr Tobin said there are no Foreign Investment Review Board issues as the companies involved are Australian, with most of the shareholders Australian citizens.
“None of our acquisitions to date have not had any issues,” he said.
“After construction, the combined value of the sites will be $2.3 billion.
“We expect around 1,500 to be employed in total when both sites are finished.”