THE People's Republic of China is expected to take on New Zealand actor Russell Crowe, in bidding for a $15 million Sydney mansion, once used by the French government as a consulate.

The Victoria Road estate, Le Manoir, will be auctioned this evening at an invitation-only event in which prospective buyers have to make a refundable $50,000 deposit, just to make a bid.

VICTORIAN planning minister Justin Madden will exit a parliamentary sitting later this month to welcome Indian billionaire Rakesh Wadhawan’s property development business to Melbourne.
 
Mr Madden is one of several special guests confirmed to attend the lavish company launch at Crown Palladium on November 11, joining former sporting great Steve Waugh, who is rumoured to be attending, and members of the Victorian Bushrangers and New Zealand cricket teams, which Mr Wadhawan’s construction company, DEC, now sponsors.

SOUTH African property group Redefine Properties is reported to be in discussions to buy a 25 per cent stake in the Brisbane-based Cromwell Group property trust.

Cromwell revealed it was in talks with the South African company in statements to the market.

"Cromwell is discussing corporate opportunities with a number of parties, includign some potential institutional investors," the trust said in a market announcement reported by the AFR.

AN Indonesian timber merchant is understood to have paid $24.3 million for one of Box Hill’s most prominent office buildings.
 
The government leased 883 Whitehorse Road office was quietly sold this week, reflecting a yield of about 8 per cent, based on the suburban office’s annual income of just over $1.98 million.

A HALF share of Australia's fourth largest home builder - Henley Homes - has been sold to Japanese industrial business Sumitomo Forestry for an undisclosed sum.

The deal comes after a four year negotiation, but the developers have worked together on two projects in Melbourne.

Sumitomo builds about 10,000 houses a year in Japan, and is also involved in projects at Wangaratta, in Victoria, Nelson in New Zealand, China, Korea and the United States.