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27-07-2014, 10:52 PM
(This post was last modified: 27-07-2014, 10:53 PM by greengiraffe.)
Chinese to invest $20bn in local tourism and property
THE AUSTRALIAN JULY 28, 2014 12:00AM
Sid Maher
National Affairs Editor
Canberra
AUSTRALIA’S tourism industry is set for a $20 billion investment surge as major Chinese companies eye a raft of projects across the nation ahead of an expected doubling in Chinese tourism numbers over the next six years.
Major Chinese developer Greenland Group told an investment forum in Sydney earlier this month that it was eyeing $3bn-$4bn in additional projects in tourism, infrastructure and agriculture, on top of its existing $1.5bn in projects in Sydney and Melbourne. Greenland’s interest comes as Hong Kong billionaire Tony Fung is proposing an investment of up to $8.2bn at Yorkey’s Knob near Cairns, which would include a first stage of five hotels with 4000 rooms and a casino, a shopping centre and golf course.
Stage two of Mr Fung’s Aquis resort would include 3500 rooms and a second casino.
The project is tipped to provide 3750 jobs in construction and 11,000 when fully operational.
The project received Foreign Investment Review Board approval in May and Mr Fung’s Aquis Group has taken over the Reef Casino in Cairns and is in talks with the Queensland government about splitting the licence to cover the two proposed venues.
Other potential mega-tourism developments include the $1.8bn Ella Bay in far north Queensland near Innisfail, where there are plans to redevelop a cattle station into an integrated tourism resort and residential community.
In February, ASF China Property Consortium was named as the preferred developer for the $7.5bn Broadwater Marine Terminal project.
Trade Minister Andrew Robb has been pushing a revitalisation of tourism as a potential major export market for Australia.
“Tourism and hospitality is undoubtedly one of our great strengths and we are determined to leverage that to a new level to capitalise on the demand coming from Asian markets, including China,’’ Mr Robb said.
Senior government sources estimate there is $20bn in potential Chinese investment in tourism and property development on the table as investors seek to take advantage of rising real estate prices and projections of a surge in outbound Chinese tourism.
Last year, 697,000 Chinese tourists visited Australia, up 14 per cent on the previous year. While here they spent $5.1bn.
Visitors from the US are also at record levels, increasing 7 per cent last year to 488,000, and spending $2.6bn.
Greenland’s planned plunge comes in addition to its hotel and apartment venture in Sydney’s CBD and an apartment project in Melbourne. Greenland’s president, Yuliang Zhang, told a tourism investment roundtable in Sydney on July 19 that many corporations in China were paying special attention to Australia and there was great room for future economic co-operation, particularly in tourism and hotels.
Chinese outbound tourism is expected to double from about 100 million last year to 200 million in 2020, as the rise of the Asian middle class increases the desire for international travel.
Tourism officials believe Australia is well placed to take advantage of this surge.
THE AUSTRALIAN JULY 28, 2014 12:00AM
Sid Maher
National Affairs Editor
Canberra
AUSTRALIA’S tourism industry is set for a $20 billion investment surge as major Chinese companies eye a raft of projects across the nation ahead of an expected doubling in Chinese tourism numbers over the next six years.
Major Chinese developer Greenland Group told an investment forum in Sydney earlier this month that it was eyeing $3bn-$4bn in additional projects in tourism, infrastructure and agriculture, on top of its existing $1.5bn in projects in Sydney and Melbourne. Greenland’s interest comes as Hong Kong billionaire Tony Fung is proposing an investment of up to $8.2bn at Yorkey’s Knob near Cairns, which would include a first stage of five hotels with 4000 rooms and a casino, a shopping centre and golf course.
Stage two of Mr Fung’s Aquis resort would include 3500 rooms and a second casino.
The project is tipped to provide 3750 jobs in construction and 11,000 when fully operational.
The project received Foreign Investment Review Board approval in May and Mr Fung’s Aquis Group has taken over the Reef Casino in Cairns and is in talks with the Queensland government about splitting the licence to cover the two proposed venues.
Other potential mega-tourism developments include the $1.8bn Ella Bay in far north Queensland near Innisfail, where there are plans to redevelop a cattle station into an integrated tourism resort and residential community.
In February, ASF China Property Consortium was named as the preferred developer for the $7.5bn Broadwater Marine Terminal project.
Trade Minister Andrew Robb has been pushing a revitalisation of tourism as a potential major export market for Australia.
“Tourism and hospitality is undoubtedly one of our great strengths and we are determined to leverage that to a new level to capitalise on the demand coming from Asian markets, including China,’’ Mr Robb said.
Senior government sources estimate there is $20bn in potential Chinese investment in tourism and property development on the table as investors seek to take advantage of rising real estate prices and projections of a surge in outbound Chinese tourism.
Last year, 697,000 Chinese tourists visited Australia, up 14 per cent on the previous year. While here they spent $5.1bn.
Visitors from the US are also at record levels, increasing 7 per cent last year to 488,000, and spending $2.6bn.
Greenland’s planned plunge comes in addition to its hotel and apartment venture in Sydney’s CBD and an apartment project in Melbourne. Greenland’s president, Yuliang Zhang, told a tourism investment roundtable in Sydney on July 19 that many corporations in China were paying special attention to Australia and there was great room for future economic co-operation, particularly in tourism and hotels.
Chinese outbound tourism is expected to double from about 100 million last year to 200 million in 2020, as the rise of the Asian middle class increases the desire for international travel.
Tourism officials believe Australia is well placed to take advantage of this surge.
