Overview

Bank of China provides a $45 million AUD loan to Poly for the Summit Development Project

Commitments (Constant USD, 2023)$33,819,247

Commitment Year•2018Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2018

End (actual): Nov 1, 2020

Geospatial footprint

Map overview

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The proceeds of this loan were to be used by the borrower to support the construction of a $93 million AUD nine-level mixed-used development known as the "Summit" at 9-11 Williamsons Road, Doncaster, VIC 3108, 23 kilometers from Melbourne's city centre, consisting of 108 apartments and two commercial tenancies with four levels of basement. More detailed locational information can be found at: https://www.openstreetmap.org/way/261802667

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Poly (Australia) Real Estate Development Pty Ltd (Poly Global)

Implementing agencies

Private Sector

Balmain & Co. Pty Ltd
CDL Constructions Pty Ltd
Floreancig Pty Ltd (Floreancig Smith Building Surveyors)
Peddle Thorp Architects (PTA)
Wood & Grieve Engineers (WGE)

Loan description

Bank of China provides a $45 million AUD loan to Poly for the Summit Development Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around 2018, the Bank of China Limited (BOC) entered into a $45 million AUD facility agreement with Poly (Australia) Real Estate Development Pty Ltd (Poly Global) — the Australian division of the listed-Chinese real estate property development company Poly Developments and Holdings Group Co., Ltd. — for the Summit Development Project. The proceeds of this loan were to be used by the borrower to support the construction of a $93 million AUD nine-level mixed-used development known as the "Summit" at 9-11 Williamsons Road, Doncaster, VIC 3108, 23 kilometers from Melbourne's city centre, consisting of 108 apartments and two commercial tenancies with four levels of basement. Peddle Thorp Architects served as architect. Wood & Grieve Engineers served as engineer. Floreancig Smith Building Surveyors served as building surveyor. Balmain & Co. was also involved in project implementation. CDL Constructions was responsible for retention system, design & construction piling, basement excavation, anchors, and shotcrete. Construction had begun by November 2018. The project reached practical completion in November 2020.

Staff comments

1. There is a dedicated website for the project, accessible via http://www.summitdoncaster.com.au/. 2. It is unclear when the specific loan was issued. However, as construction had begun by 2018, AidData has used this as the commitment date for the time being, marking the commitment_date_estimated? field as True. This issue merits further investigation.