<article>A subsidiary of Chinese property developer <a style="color: #000080;" href="http://www.hengmaogroup.com" target="_blank">Hengmao Group</a>, has purchased an Australian project for a consideration of A$88,888,888 ($65 million).</article>

A subsidiary of Chinese property developer <a style="color: #000080;" href="http://www.hengmaogroup.com" target="_blank">Hengmao Group</a>, has purchased an Australian project for a consideration of A$88,888,888 ($65 million).
It is common for Chinese buyers to price transactions with the number &#8220;8&#8221; as it is believed to bring prosperity. <a href="http://www.dealstreetasia.com/?s=Computershare">Computershare</a>, the Australian financial services firm which put up its Melbourne headquarters for a sale-and-leaseback deal in April, was expecting the property to fetch only A$80 million.
But the property&#8217;s riverside views, which were well aligned within the traditional feng shui system, was topped by Chinese buyer LYZ Property Group, a subsidiary of Hengmao, with the auspicious number eight, eight times.
Hengmao has developed over a million square metres of residential and mixed use properties in China and has bought several assets in Australia.
According to a KPMG <a style="color: #000080;" href="https://home.kpmg.com/au/en/home/insights/2015/12/demystifying-chinese-investment-in-australia.html" target="_blank">report</a>, as of December 2015, Australia is the biggest single country destination for Chinese direct investment, representing  2.5 per cent of China’s global investment spend over the past six years. This equates to $38 billion, with real estate continuing to dominate, accounting for $6.85 billion, or 45 per cent of total Chinese investment in Australia
This property purchase by LYZ Group comes as the <a style="color: #000080;" href="http://www.afr.com/business/banking-and-finance/next-round-of-chinese-investments-in-australia--a-bank-20160531-gp7w0l" target="_blank">foundations for the next wave of Chinese investment in Australia are prepared</a>, the Australian Financial Review reporting that a group of high net worth investors (HNIs) and entrepreneurs have applied to the Australian Prudential Regulation Authority to start the first Chinese bank incorporated in Australia.
This has seen financial services firm <a style="color: #000080;" href="http://www.aoyinholding.com.au" target="_blank">Aoyin</a> applying for deposit-taking institution authorisation to launch an  Australian-incorporated bank serving Chinese investors and the wider Australian public as it matures. It reportedly has no ties to mainland Chinese banks.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/virgin-australia-plans-to-raise-625-mln-through-rights-issue-44307/">Virgin Australia plans to raise $625m through rights issue</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/virgin-australia-says-chinas-hna-aviation-to-buy-major-stake-42661/">Virgin Australia says China’s HNA Aviation to buy major stake</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/australia15m-dragon-egg-fund-launchesto-fund-aus-expansion-in-china-38671/">Australia: $20m Dragon Egg fund by Mai Capital to back AUS startups expanding in China</a>
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China's Hengmao Group unit picks up Australian property asset for $65m

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China's Hengmao Group unit picks up Australian property asset for $65m

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