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Shanghai United Real Estate purchases InterContinental Sydney Double Bay for €95 million

The Chinese private equity firm Shanghai United Real Estate acquires the property InterContinental Sydney Double Bay for €95 million. It was owned by Singapore's Royal Group.

The luxury property InterContinental Sydney Double Bay, owned by Singapore's Royal Group, has just been sold to the Chinese real estate firm Shanghai United Real Estate. The operation amounts to 140 million Australian dollars, equivalent to €100 million - a record transaction in Australia. 

Peter Wilding, Managing Director at the Royal Group, stated: "The sale of this asset followed our strategy of recycling capital following the initial stabilization period." This is the fifth property taken over by the Chinese consortium in less than two years in Sydney, the most populous city in Australia.

On January 1, 2016, InterContinental Hotel Group (IHG) ranked 3rd hotel group worldwide, operating 5,032 properties with 744,368 rooms, according to data published by Hospitality ON.

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