The ASX-listed Chinese property developer Boyuan Holdings has made its first acquisition in the lifestyle community market, picking up NSW operator Broadland Gardens.

The sale includes two existing villages at Tamworth and Green Point near Gosford in NSW; a DA-approved brownfield site with existing infrastructure; and a DA-approved greenfields site also in NSW.

The first Chinese developer to list on the Australian Stock Exchange, Boyuan already had three residential and commercial sites in NSW, but Broadlands represents their first move into the retirement living market.

To expand the Broadlands offering on the Eastern Seaboard, they have teamed up with a new operator – Land Lease Lifestyle Communities.

The group has been founded by John Virgona, Dean Walker and Rod Harvey, all of whom have a long history in the sector.

Collectively, they have developed, owned and run over 3,000 retirement homes across 15 different villages.

It’s a sign of how committed Boyuan is to its new Australian market.

“The market for retirement living for older Australians is expected to double over the next couple of decades, driven by an ageing population, increased life expectancy and preference for community living,” Boyuan chief executive Caden Wan said. “We are pleased to enter this growing market and play a role in meeting the affordable housing and community and infrastructure needs of older Australians.

“The purchase of Broadlands’ existing villages will deliver high quality, affordable housing and community lifestyle and leisure facilities for a growing number of retirees, while generating longer term rental income streams for BHL and our shareholders.”