Chinese entrepreneur in Australia Yields Huge Gain with Kinnears Rope Factory

Chinese entrepreneur in Australia Richard Gu, the man behind the high-end real-estate market development company AXF Group, has sold the Kinnears Rope Factory site he purchased for $17 million in 2011 for $60 million. The deal has reached a settlement. 

According to The Australian Financial Review, industry sources confirmed that an offshore investor had paid $60 million for the site in an off-market deal managed by CBRE Director, Mark Wizel.The four-hectare site is in Melbourne’s west, 6 kilometres from Melbourne’s CBD. 

The AXF Group received development approval to construct 1,500 apartments on the factory site including a space for retail and commerce. The project is planned to be a a substantial mixed-use precinct. 

It is understood the buyer will continue with the development. 

Richard Gu, proactive in trading assets, has also developed luxury residence projects in Melbourne and Sydney.


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