Zhang studies Triguboff’s empire
One of China’s bigger property ¬developers, Country Garden, is sizing up buying Meriton, the largest builder of apartments in Australia, according to Su-Lin Tan of BRW.
Billionaire Harry Triguboff revealed last week he was in talks with an unnamed Chinese developer to sell the company he founded 50 years ago, following discussions with other potential buyers.
The asking price is $10 billion, a payday which would propel Triguboff seven places up the BRW Rich 200 to become Australia’s second richest person after Gina Rinehart.
Country Garden, which sold $11.9 billion of property last year, mostly apartments, and is projected to turn over up to $18.5 billion next year, is looking too.
There has been an increasing rapport between Country Garden Australia’s chief executive, Johnson Zhang, and Mr Triguboff, according to Su-Lin Tan.
While Mr Zhang declined to comment on the chances of a sale, in Chinese terms, he said a good business relationship exists between the two men, known as “guanxi” in Mandarin. “It is still too early to make any definitive comments on the Meriton sale. [There is] a long way to go to -confirm the sale and the price,” he said.
“But when we meet he talks about selling his company. And if Mr Triguboff wants to sell Meriton, he would want to ensure that it is in the hands of someone who will look after it and grow it.”
Valued at $9.6 billion, Country Garden is the fifth-largest property company listed on the Hong Kong Stock Exchange after China Vanke, Greenland Group, Evergrande and China Poly Group Corporation. Its 2013 net profit of $1.6 billion is expected to grow to $2.2 billion this year.
