THE richest man in Asia, Hong Kong-based business magnate Li Ka-shing, is intent on gaining a foothold in the Australian property market.

Mr Li’s Singapore-listed company ARA Asset Management is running the ruler over local sites as it looks to deploy capital into Southeast Asia and Australia, through its Summit Development Fund.

ARA Private Funds chief executive Ng Beng Tiong told The Australian that the group was looking largely at Sydney and Melbourne.

He indicated that ARA could develop a wide range of properties, saying that the group was looking at sites for office, retail, residential and industrial projects.

“We are ready and in fact, have been looking at deals,” Mr Ng said.

He would not be drawn on how many sites the group aimed to buy over the next few years.

“(There is) no predetermined number. (It) depends on individual merits,” he said.

Mr Ng declined to say whether ARA was bidding for Leighton Properties, which is being sold by Leighton Holdings. But he said the group would be “happy” to work with local developers.

News source: http://www.theaustralian.com.au/business/property/li-kashing-eyes-property-market/story-fn9656lz-1227015836172