Aoyuan suffers dramatic loss on Sydney site sale
The state government has acquired a major west Sydney land bank for a fraction of the price the embattled vendor paid nine years ago.
The 237.2 hectare property, 66 Eltons Road, Silverdale, settled for $22.044 million in December.
The buyer is the National Park and Wildlife Service.
The site was offered late last year by liquidators representing an entity linked to developer Aoyuan International.
The Hong Kong-listed group acquired the holding for $115m in mid-2017 with plans for a major residential community, banking on the area’s popularity increasing in light of the nearby new Western Sydney Airport and surrounding commercial product.
However the land was never rezoned from Rural Primary Production and Rural Landscape.
A broader liquidity crisis at Aoyuan in China later forced the developer’s Australian arm to halt development (continues below).
In late 2024 it filed for Chapter 15 bankruptcy in the United States.
Ray White’s Peter Vines brokered the Silverdale sale.
The property was marketed as a land bank opportunity.
Sources expect the Minns government will utilise part of the site for essential services and infrastructure supporting the nearby Wollondilly and Liverpool growth corridors.
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