China's Richest Man Just Commited Nearly $1 Billion To A Stalled Gold Coast Resort

Jewelgc.com

China’s richest man, Wang Jianlin, may have just opened the floodgates for a wave of Chinese property investment with a commitment to build a $900 million resort, the stalled ‘Jewel’, on the Gold Coast and a further $800 million to other developments.

The deal has been in the wind for about a month with Wang Jianlin visiting the Gold Coast in June but the AFR reports this morning that his company, Dalian Wanda, confirmed to the Hong Kong stock exchange the deal will proceed and be funded with a combination of debt and internal funding.

Chinese visitors to Queensland are climbing faster than the national average, growing 16% last year, Tourism & Transport Forum chief executive Trent Zimmerman told the AFR.

More importantly though, their spending grew 28%.

You can read more here

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.