10 Property Developers getting Richer on the AFR Rich List

MEANWHILE unemployment rises … early May 2020 600,000 jobs lost and home sales fall … owners withdraw from the market …

SINCE 2013 developers have become RICHER … with the Foreign Investment Review Board ruling allowing them to sell 100% of ‘new homes’ to foreign buyers (Millions of ’em) … the second tranche of the Anti-Money Laundering Laws shelved, and then in October 2018 the Morrison Government exempted the Real Estate Gatekeepers from the AML Laws!

A whole Cohort of Australians locked out of this market by the overseas competition laundering ‘black money’ in our real estate and the lowest wages growth for 60 years!

IN the political sphere following the arrival of the CoronaVirus Pandemic the Australian Parliament has been shut downnegotiations are said to be happening with business and the unions as the Labor Opposition has been excluded from the discussion about rejigging the economy!!!!

-that’s two (guvmnt and business) against one (the ACTU) ….

Due to casualisation of the workplace many have lost their jobs, and many have not been able to access Centrelink payments!

Harry Triguboff remains Number One richest property developer … still Australia’s third richest behind Number One Anthony Pratt packaging and recycling business, and iron ore magnate Gina Rinehart.

For more about Harry:  https://theurbandeveloper.com/tags/Harry%20Triguboff

Harry has grown his wealth by 6 per cent over the year to $13.54B with some 4000 Meriton apartments underway, and another 11,000 in the pipeline!

2. Hong Kong-based Hui Wing Mau, the Chair of Shimao Property has increased his wealth by 14.2 per cent to $10.39B through residential, commercial and hotel projects across China and commercial assets in Sydney’s CBD. He has a majority stake in Bindaree Beef Group.

3. Frank Lowy at $8.56.B Managing director, Lowy Family Group

Sold off their Westfield interests and Frank went to Israel.

4.  John Gandel, Principal, Gandel Group at $6.6B

5.  Lang Walker,  Executive chairman, Walker Corporation at $4.67B has   increased his wealth by 34.6 per cent!  With 10 commercial precincts underway incl 4 towers at Parramatta Square, and development in the Wollondilly!

Following stiff resistance from local WILTON residents, court action and negotiations with the local council the focus now appears to be on commercial rental property development in Sydney and Melbourne …

SADLY despite the resistance from the Wollondilly community the new Walker Corporation estate comprising 696 lots in a housing corridor near Sydney’s second planned airport at Badgerys Creek will be proceeding … along with those of Chinese developers, Country Garden, and Dahua …

  • With the consequent loss of Koala habitat, flora, fauna and farmlands

View:  https://www.smh.com.au/business/companies/billionaire-developer-lang-walker-boosts-fortune-on-rental-income-20191029-p5358h.html

6.  Betty Klimenko and Monica Weinberg-Saunders, Family of Westfield co-founder John Saunders at $2.37 B

7.  Michael Hodgson, Perth’s biggest industrial landholder at $2.34 B

8.  Marc Besen & family, Chairman, TarraWarra at $2.34 B

9. Maurice Alter & family, Founder, Pacific Group at $2.33 B

10.  Tony Perich & family, Chairman, Leppington Pastoral Company with a 16.5 per cent spike at $2.05 B.   Tony Perich has held the Narellan Town Centre since 1989.  With a string of diversified investments and a majority stake in Freedom Foods.

READ MORE! https://theurbandeveloper.com/articles/top-10-australian-property-players-2020?utm_source=TUD+Master+List&utm_campaign=e5de717f45-EMAIL_CAMPAIGN_2019_07_03_11_11_COPY_01&utm_medium=email&utm_term=0_9f25b32131-e5de717f45-188322339

Photo: The Urban Developer