A local real estate developer with extensive links to the collapsed Chinese property giant says it has more than $500 million in unsold units on the Gold Coast.
Already a subscriber?A local real estate developer with extensive links to Evergrande executives recorded a profit of more than $133 million but owes an “old friend” of the collapsed Chinese property giant’s detained former chairman almost $1.2 billion.
The Jewel development in Surfers Paradise. The company behind the project says there are more than $500 million in unsold apartments there. But Evergrande has since collapsed, owing billions of dollars to banks and property owners. This year the China Securities Regulatory Commission said the company had overstated its revenue by as much as $US80 billion .In Australia, AW Holding swooped on the massive One Circular Quay site in Sydney alongside Yuhu Group in 2018, led by another prominent Chinese businessman, Huang Xiangmo.
Mr Cao said the company had just released more luxury property for sale but did not wish to “flood the market”. “Every company has their sales strategy,” he said.AW Holding’s $1.2 billion in debt is owed to its parent, Dachang , which in turn owes Kingsville Global Investments the same amount in trade payables, according to its 2022 results, the latest available. According to a filing in Hong Kong, Mr Wang is the ultimate beneficial owner of Kingsville Global Investments.
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