Head of Chinese-firm The Dalian Wanda Group, Wang Jianlin said he would put aside $1.7 billion to invest in Australian real estate, including a new resort on the Gold Coast.
The Australian reports the property magnate announced the move on the Hong Kong stock exchange yesterday confirming its commitment of HK$12.5 billion to Australian real estate in a move experts say could be the “new dawn of Chinese property investment” in the nation.
Investments will include the construction of a $900 million beachfront resort in Surfers Paradise, The Jewel, which Wang said he would pay for in a mix of debt and equity as well as internal resources, the paper reports.
The Jewel project has approval for a resort hotel, apartments, office, and food and beverage outlets within the three-high rise buildings in the complex.
Image: Bloomberg
