Stockland (AU:SGP) has released an update.
The Australian Competition & Consumer Commission (ACCC) has expressed preliminary concerns over Stockland and Supalai’s joint venture bid to acquire 12 of Lendlease’s residential masterplanned community projects, fearing it could reduce competition and negatively affect housing affordability and quality in certain Australian regions. The ACCC is apprehensive that the removal of Lendlease as a key competitor might lead to higher prices and lower standards for prospective homeowners, particularly in the already concentrated Illawarra market. Stakeholders are invited to submit their responses to these concerns by 18 July 2024.
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