Why a Cobb Real Estate company could sell to Chinese investor, reports move

Pre-sale

A Cobb Realestate company could buy up to 1,000 properties across Australia.

Key points:The deal could lead to a number of jobs at the companyThe company would be a subsidiary of CobbReal EstateGroupThe company is part of the Cobb group, which owns the Australian arm of Chinese conglomerate CNOOC HoldingsChina’s biggest property developer CNOOT Holdings said it had “no intention of selling the company”.

CobbRealestateGroup is part-owned by CNOOTS, which is the largest property developer in Australia.

“We are not planning to sell the Cobb Real estate group,” CobbRealestate Group’s managing director, Ian Smith, said.

“The Cobb group is not the owner of the company.”

It’s an existing entity, owned by a company with which we are not in a contractual relationship.

“Cobb is committed to the interests of Cobb and the Australian economy.”

Our focus is on delivering high quality real estate to our customers, which will help the Australian dollar strengthen.

“However, if CobbReal estateGroup were to be sold or liquidated we will be able to invest in our own business in a manner consistent with the values we have set out.”

Mr Smith said CobbReal would invest $150 million in the new entity, and would have an annual turnover of more than $1 billion.

The company said it was looking at “all the opportunities” to expand its business and said the acquisition would create “jobs in Australia”.

“The purchase of Cobb is an important milestone in our strategy to become more competitive in the global real estate market and to ensure that our business remains competitive and relevant for our customers,” Mr Smith said.

Mr Smith also said the Cobb Group had “a long and storied history in Australia”, with more than 4,000 Cobb homes built since 1891.

“Many of our customers are local families and families who live in our community and appreciate the quality of our properties and the services they provide,” he said.

Topics:real-estate,business-economics-and-finance,investor-relations,business,housing,australiaContact Sarah McQuadeMore stories from Australia

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