Shanghai-based property developer Greenland Group is to invest A$480 million ($498 million) in an Australian property project, becoming the latest Chinese developer to explore an overseas market.

Greenland said it has reached a deal with Canadian company Brookfield Asset Management Inc to buy two buildings in downtown Sydney. It is the largest single investment made by Chinese developers in Australia.

"The health of the Australian real estate market gives a lot of confidence to investors," Zhang Yuliang, Greenland chairman said.

"As a destination for immigrants, Australia is expected to support the sustainable growth of our company with a steady demand from new immigrants," Zhang added.

Greenland plans to start renovation of the two buildings, one into residential accommodation and the other into a hotel, after receiving approval. The company will start pre-sale of the residential building in early 2014.

With the Chinese government adopting stricter policies to rein in the property market, domestic developers are looking overseas for growth. China Vanke Co Ltd, the nation's largest real estate developer by market value, has teamed up with US real estate firm Tishman Speyer Properties to jointly develop a plot in San Francisco.