Chinese investors sought for apartments

Finbar Group says Chinese investors with the patience to wait for long-term returns on their investments could be ideal buyers for Karratha’s Pelago and Hedland’s proposed Anchorage apartment complexes.

Finbar completed its Pelago apartment towers in 2012 and 2013, but has been left holding millions of dollars worth of apartments and commercial spaces it is yet to sell.

The group is also trying to pre-sell enough apartments to ensure the business case for its proposed Hedland waterfront complex, near the Spoilbank, stacks up.

“The way we see it is that it is now time for patient capital to become the investor and owner of these wonderful developments,” Finbar project co-ordination general manager Scott Cameron told attendees at last week’s EASTxWEST Forum in Shenzhen, China.

“One of the reasons why Finbar is here and looking to build relationships with investors in China is we have development equity in our projects that we are looking to release and further develop in the Pilbara and the Kimberley.”

Mr Cameron said Shenzhen’s growth from a small Chinese fishing city in the 1990s into one of China’s most important financial and technology cities today presented an example of how the Pilbara could also grow and transform in the coming decades.