Article by Scott Hannaford
Moves to establish an ACT presence in China have already begun paying dividends for Canberra construction, management and investment company Hindmarsh, which has announced a string of potential new deals in the country.
ACT Minister for Economic Development Ted Quinlan and Hindmarsh managing director John Hindmarsh officially opened the Canberra Commerce office in Shanghai on Monday which will provide ACT companies trying to establish access to the Chinese market access with office space in the Pudong business district of the city.
The office is a collaborative venture between the ACT Government and Hindmarsh, which has made a number of significant ventures into the Chinese car parking market recently to take advantage of the booming car ownership market in China.
Mr Hindmarsh said in addition to a recently announced 40 percent stakeholding in Beijing’s only non-government car parking business Kingdy parking, the organisation was also looking seriously at a number of other major undertakings in China, including having signed a memorandum of understanding on a large retail development in the Pudong area of shanghai.
“Part of the development, which is adjacent to a waterway in Pudong, would have an Australian theme. We are also investigating several other opportunities including a retirement development in Shanghai,” Mr Hindmarsh said.
The Canberra-based company is also involved in a 77-lot subdivision at Fern Hill Park in north Canberra and recently announced it would construct a $60-million Defence Housing site and retirement village in Bruce.
Mr Quinlan said given the small size of the ACT, there was no way it could afford to offer overseas offices for ACT companies without the help of companies such as Hindmarsh.
The ACT also has a similar arrangement in Washington, with the Fyshwick-based military radar and technology company CEA Technologies.
“China’s importance as a market is self-evident and Canberra already has a good relationship and history with China.
“We have permanent representation in Beijing and the newly established presence in Shanghai builds on that relationship and means Canberra’s foot is that much further in the Chinese door.”