Shaoqun Tan, the chairman of Fuxing Huiyu Real Estate, says the Chinese government has actively encouraged big real estate companies to expand overseas so that they can keep growing without overheating the local market.
Under the banner Starryland, Tan’s group, which is based in the Chinese province of Hubei, west of Shanghai, entered the Sydney market this year and is developing the $550m Promenade Parramatta apartment project.
The apartments range from $399,000 to $900,000, with real estate firm Savills handling the sales campaign.
Tan says Australia is the first country in which his company has expanded. “We were drawn to (Australia) by its strong residential real estate market, stunning natural environment and good long-term economic growth prospects.”
Fuxing Huiyu was established in 2001 as the property arm of manufacturing company Hubei Fuxing Science and Technology. “I foresaw the strong future of this industry with China experiencing a large demand for urbanisation as millions of citizens were trying to increase their living standards,” says Tan. “It is certainly evident 13 years later that my career strategy was correct and my property predictions were accurate.”
He says he is “motivated by constant progress”. “I get the most satisfaction implementing outside-the-box ideas that ultimately end up proving their value. I like to be constantly challenged.”