Chinese To Pump Billions Into Tourism And Property
An investment surge totaling $20 billion is expected to hit Australia over the next six years after Chinese companies eye off projects across the nation.
Greenland Group, a major Chinese developer, is expected to invest in $3-4 billion in additional projects in tourism, infrastructure and agriculture over the next six years, adding to its already existing $1.5 billion worth of projects in Sydney and Melbourne.
Hong Kong billionaire Tony Fung, is expected to make an investment of $8.2 billion at Yorkey’s Knob, with a development that would include five hotels with 4,000 rooms, a casino, a shopping centre a golf course.
Plans to redevelop a cattle station into an integrated tourism resort and residents community at Innisfail are also on the cards, totalling an investment of $1.8 billion at Ella Bay.
Trade minister Andrew Robb told The Australian said he had been pushing a revitalization of tourism as an 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.
Last year, 697,000 Chinese tourists visited Australia, spending a total of $5.1 billion while here.
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.
