Mirvac Group (ASX:MGR) has entered a second transaction with its Chinese joint venture partner, Ping An Real Estate.
Mirvac’s latest transaction with Ping An is for an interest in St Leonards Square, a residential development in Sydney’s north shore.
Previously, in December 2015, Mirvac announced its first joint venture with Ping An – with a property seed project, The Finery, located in the Sydney suburb of Waterloo.
Mirvac’s CEO and managing director, Susan Lloyd-Hurwitz says that the relationship with Ping An will be long term, and intends to grow this part of the business in a capital efficient manner.
Mirvac reported a net profit of $472.7 million at 31 December 2015.
