Hong Kong casino billionaire and Aquis Chairman Tony Fung, has entered into a joint venture with Chinese developer Tandellen and CCCC International Holding, a major government-owned Chinese construction company, to buy a $40 million development site at Surfers Paradise.
In what is seen as another attempt by Aquis to bring a new casino to the Gold Coast, Mr Fung has signed a contract to buy the 11,800sqm site, currently owned by Japanese company Orix.
Fung recently pulled out of a $160 million deal to by the Sheraton Mirage on the Gold Coast and he already owns the nearby International Beach resort.
A spokesman for Mr Fung confirmed a contract had been signed to acquire the new site and the consortium was “looking to progress a number of opportunities on the Gold Coast following the withdrawal from the Sheraton acquisition”.
Fung owns the listed Canberra Casino and is also keen to build a multi billion-dollar Aquis casino and resort development at Nobby’s Head near Cairns.
He has been particularly active on the Gold Coast with the purchase of a development site at Robina for $45 million, another property on the Esplanade Surfers Paradise for about $55 million as well as a $7 million Surfers Paradise penthouse and Nathan Tinkler’s Patinack Farms for about $15.8 million.
Chinese infrastructure and engineering giant CCCC International Holding, entered the Australian construction business this year buying John Holland. They plan to diversify into residential development and hotel investments with a $1.1 billion budget funded by CCCCI.
The Tandellen Group is founded and fully owned by Mr. Jack Luo, one of the first top executives shaping the Beijing’s skyline with upscale project developments in Beijing since early 1990s.