The ASX-listed developer says it has not held discussions with the Sydney-based private equity firm or any other private equity firms, despite The Australian reporting that the company had put itself “up for sale”.

Quadrant also denied it was conducting due diligence on Boyuan and was close to striking a deal.

Boyuan entered the land lease market last June after purchasing NSW lifestyle community group Broadland Gardens and its two existing communities and two development sites for $63 million before acquiring another site in Armidale in September 2017.

Boyuan says it has been advised that there is interest in its assets, and CEO Caden Wan says this is no surprise, given the strong demand for affordable housing options for Australia’s ageing population.

The LLC sector has received considerable interest from investors in recent months. Gateway has fielded offers from both US housing operator Hometown America and Canadian group Brookfield, though Brookfield has since withdrawn its offer and Hometown’s bid of $700 million is still up in the air.