Mr Hailiang, through his Hailiang Group, paid $34 million for a 4416sq m site at 445-453 Canterbury Road in Campsie. The company plans a $70.87m mixed-use development on the property, taking in a minimum 200 units and commercial and retail spaces.

Mr Hailiang is reportedly worth $US1.7 billion ($2.14bn), making the 54-year-old China’s 90th richest man.

The Campsie development will be financed through a capital raising and some new debt.

Hailiang Group, one of China’s largest copper tubing and alloy manufacturers, has aggressively expanded into real estate development and agriculture.

It is ­rumoured to be eyeing the 180,000ha Legune Station near Kununurra.

In a press release through an associated company listed on the Hong Kong Stock Exchange, Hailiang Group said it saw the “(thriving) Australian property market” and “considers it is a good time to seize the opportunity to explore the international property market”.

“(Hailiang) has considered some property projects in Sydney with good development potentials, and (the Campsie site) is one of the property projects which has now materialised.”

Chinese investment in Australian commercial property has more than doubled in the past year, with more than $2.5bn ­invested in 2014.