Fosun's purchase of the Sydney property is only one of the several overseas property acquisitions by Chinese billionaires.
Joining the ranks of Chinese investment firms looking to acquire property overseas is the Fosun Group. The Guo Guangchang-owned conglomerate is reported to have spoken with Sydney-based Propertylink to discuss the sale of an office building.
The property is said to be a 14,672-square-meter building at the heart of the city and is leased by the government from Investa Property Group by Morgan Stanley. The deal with Propertylink is said to be worth AU$116.5 million (US$92 million).
The building is the second property in the city to be bought by a Chinese investment firm.
Earlier this week, top Chinese real-estate firm Dalian Wanda has closed the deal on the Gold Fields House worth AU$414.7 million.
Darren Xia of JLL China said that "Sydney has emerged as a very popular investment destination for Chinese buyers over the past year, only second to London."
Xia added that the city's appeal is due to its relative proximity to the country as well as almost identical property development and sales regulations.
It also helped that a huge Chinese population could be found in the city, he added.
According to Fosun Group chairman Guo Guangchang, "the Australian property market is well known for its stable growth and transparency."
The building's acquisition is also in line with the company's global standpoint and hopes to get more similar "deals done in the future."
Many Chinese firms have set their sights on overseas real estate as they take advantage of local industry regulator's permission for financial firms to invest overseas.
It is also another way for some firms to avoid their country's problematic real-estate sector.
On Jan. 26, it was reported that Ping An Insurance Company of China had closed a deal involving London property Tower Place, with the help of Gaw Capital Partners. The acquisition is the second real estate bought by the firm in the last three years.
