Non-bank lender Qualitas has committed to a project funding package of around A$600m (€385m) to the Australian arm of the Chinese development group, Aqualand, for a mixed-use project in Sydney.

Aqualand will use what is believed to be the single-largest non-bank financing package in Australia to complete the construction of AURA by Aqualand.

Wayne Mo, CEO AL Capital Holding, Aqualand Group’s fund management arm, and acting CFO Aqualand, said Aqualand is currently in the midst of its strongest growth period and is well-placed to be at the forefront of property development in Australia for decades to come.

“Strategic partnerships of this nature will assist us in making this possible.”

Mark Fischer, global head of real estate and co-founder, Qualitas Group, said the Aqualand project was “a model for future residential development”.

He said it would contribute to urban regeneration, which was imperative in major Australian gateway cities experiencing historically-low vacancy rates and heavily-constrained supply of new residential product.

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