Chinese property developer splashes $7.4M on NSW tourist park

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The ASX-listed Boyuan Group Holdings has made its first move since acquiring the NSW-based LLC developer Broadland Gardens in June, purchasing the Armidale Tourist Park.

As we announced here, Boyuan bought the LLC group for $63M as part of a strategic partnership with the newly formed Land Lease Lifestyle Communities (LLLC) founded by John Virgona, Dean Walker and Rod Harvey.

Boyuan plans to convert the 5.58ha site, which currently has approval for 205 sites, including long-term (permanent), short-term and camping sites, into a Land Lease Community which will be operated and developed by LLLC.

The Group already has two existing sites in Tamworth and Green Point, plus two more in development at Muswelbrook and Harrington.