China developer plans to build 1,000 Melbourne apartments

Greenland Holding Group, a Chinese state-owned developer, plans to build 1,000 apartments in Melbourne and also expects to open a five-star hotel in Sydney by 2015, Bloomberg reported. Sherwood Luo, the managing director of Greenland Australia said the company is currently trying to finalize the purchase of the land from the Victoria Racing Club in Melbourne by the end of 2013. The push into Melbourne, following a 7% increase in apartment prices in the nation’s biggest cities this year, is part of Greenland’s plan to invest more than US$934 million in Australia in two years.