Sydney has long been a favorite destination for Chinese tourists and it seems the city is now looking to China to help bankroll its redevelopment.
Leading private developer Grocon announced this week it had won the backing of Chinese investor Zhengtang to build a new AU$700 million hotel in the Darling Harbor precinct, overlooking Sydney’s two casino sites The Star and Barangaroo.
Zhengtang has already purchased outright two other Sydney development sites in 2016 for around AU$60 million each. However, their deal with Grocon – nicknamed The Ribbon – is just the latest in a growing number of Sydney developers looking to take advantage of cashed up Chinese investors.
Sydney is currently witnessing a surge in new developments across the city – led by Barangaroo which along with exclusive hotel and office space will also house James Packer’s new high rollers casino, scheduled for completion around 2020.
With sweeping views over this new Sydney skyline, The Ribbon will be a six-star W Hotel boasting 400 hotel rooms and 150 services apartments.
