This Chinese Developer Bought An Australian Project For $88,888,888

A subsidiary of Chinese property developer Hengmao Group has bought an Australian project for A$88,888,888 for good luck as the number eight "Ba" sounds similar to the word "Fa", which means to make a fortune.

Australian financial services firm Computershare put up its headquarters in Melbourne for a sale-and-leaseback deal in April, and was expecting to fetch around A$80 million for the property.

The Chinese buyer, LYZ Property Group, topped that expectation as the property's riverside views is also well placed within the traditional Chinese feng shui system. In addition, the sale price consists eight number eight, making it extraordinarily auspicious.

Based in Nanchang, Hengmao has developed more than two million square meters of residential and mixed use properties in China.

It has snapped up several assets in Australia. ...

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