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.