A Chinese real estate company called China Capital Investment Group has just bought Queensland’s Daydream Island Resort for the bargain price of just over $30 million.
The buy can only be described as a steal in comparison to its original $65 million asking price.
Last October CBRE Hotels’ agent Wayne Bunz said he expected the sale to go to an Asian investor after specifically targeting the market with video commercials recorded in Mandarin.
“The Chinese are absolutely in love with the Great Barrier Reef, so we’re hopeful we’ll get some renewed interest,” Bunz told News Limited.
“The key thing is for the Chinese, that if you look around at any major economy, Australia is seen as a pretty safe haven to invest.
“It also helps that the dollar’s lower and tourism’s on the rebound with strong growth in the Chinese inbound market.”
The Island resort is the latest in a string of sales in the Whitsundays, following the sale of Lindeman Island to Chinese Group, Whitehorse in 2012, and Orpheus Island for $6.25 million, Bedarra Island for under $5 million and Dunk Island for $7.5 million, all in 2011.
The 1km-long island is home to a 4.5-star 296-room resort built by Nature’s Own founder Vaughan Bullivant, who paid $25 million for Daydream in 2000.
After an extensive period on the market, the islands sale price was dropped just before Christmas.
The annual turnover of the resort is estimated at $27 million.
Read more here.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.