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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
AUSTRALIAâS 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. Greenlandâs interest comes as Hong Kong billionaire Tony Fung is proposing an investment of up to $8.2bn at Yorkeyâs 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 Fungâs 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 approvÂal in May and Mr Fungâs Aquis Group has taken over the Reef Casino in Cairns and is in talks with the Queensland Âgovernment about splitting the Âlicence 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.
âTourism 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,ââ 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 Âlevels, increasing 7 per cent last year to 488,000, and spending $2.6bn.
Greenlandâs planned plunge comes in addition to its hotel and apartment venture in Sydneyâs CBD and an apartment project in Melbourne. Greenlandâs 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 Âmillion in 2020, as the rise of the Asian middle class increases the desire for international travel.
Tourism officials believe ÂAustralia is well placed to take Âadvantage of this surge.
THE AUSTRALIAN JULY 28, 2014 12:00AM
Sid Maher
National Affairs Editor
Canberra
AUSTRALIAâS 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. Greenlandâs interest comes as Hong Kong billionaire Tony Fung is proposing an investment of up to $8.2bn at Yorkeyâs 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 Fungâs 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 approvÂal in May and Mr Fungâs Aquis Group has taken over the Reef Casino in Cairns and is in talks with the Queensland Âgovernment about splitting the Âlicence 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.
âTourism 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,ââ 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 Âlevels, increasing 7 per cent last year to 488,000, and spending $2.6bn.
Greenlandâs planned plunge comes in addition to its hotel and apartment venture in Sydneyâs CBD and an apartment project in Melbourne. Greenlandâs 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 Âmillion in 2020, as the rise of the Asian middle class increases the desire for international travel.
Tourism officials believe ÂAustralia is well placed to take Âadvantage of this surge.
