Chi­nese in­vestors sought for apart­ments

Pilbara News - - News - Ben Leahy

Fin­bar Group says Chi­nese in­vestors with the pa­tience to wait for long-term re­turns on their in­vest­ments could be ideal buy­ers for Kar­ratha’s Pe­lago and Hed­land’s pro­posed Anchorage apart­ment com­plexes.

Fin­bar com­pleted its Pe­lago apart­ment tow­ers in 2012 and 2013, but is thought to have been left hold­ing mil­lions of dol­lars worth of apart­ments and com­mer­cial spa­ces it is yet to sell.

The group is also try­ing to pre­sell enough apart­ments to en­sure the busi­ness case for its pro­posed Hed­land wa­ter­front com­plex, near the Spoil­bank, stacks up.

“The way we see it is that it is now time for pa­tient cap­i­tal to be­come the in­vestor and owner of these won­der­ful de­vel­op­ments,” Fin­bar project co-or­di­na­tion gen­eral man­ager Scott Cameron told at­ten­dees at last week’s EASTxWEST Fo­rum in Shen­zhen, China.

“One of the rea­sons why Fin­bar is here and look­ing to build re­la­tion­ships with in­vestors in China is we have development eq­uity in our projects that we are look­ing to re­lease and fur­ther de­velop in the Pil­bara and the Kim­ber­ley.”

Mr Cameron said Shen­zhen’s growth from a small Chi­nese fish­ing city in the 1990s into one of China’s most im­por­tant financial and tech­nol­ogy cities to­day rep­re­sented an ex­am­ple of how the Pil­bara could also grow and trans­form in the com­ing decades.

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