Aquis Great Barrier Reef gets Chinese backing

Tong Fung, the Hong Kong-based tycoon behind the project, reportedly closed a deal with Chinese firm Tandellen and Chinese state-owned CCCC International Holding.

The three-year old project continues to encounter a long series of delays ahead of starting construction. Aquis had to re-enter the government’s integrated resort development process last year and is preparing a new set of document, which include scope, staging and timing. But the project has met delays since day one due to clashes with state regulators over probity investigations as well as on-going questions about potential investors.

While the necessary documents are prepared for the government, Aquis is explaining to local leaders the ways in which the development will jump start economic development. On completion, the developer expects the resort, which will be Australia’s largest, to add $55.4bn in economic value added to the region by 2030 and 3,750 jobs at peak construction.

Aligning the project with Tandellen and CCCC is an important milestone for Aquis and helps the project regain momentum during the probity process. The new alliance has the purchasing power and operational capacity to take on multiple projects and is already showing its muscle with the $40m acquisition of an 11,800sqm parcel on Surfers Paradise.

Tandellen is founded and owned by Jack Luo, one of the first top executives to shape Beijing’s skyline with upscale development projects since 1990. State-owned CCCC gained attention last year after it was reported to have ties to the Chinese ruling party and was debarred from the World Bank due to corruption allegations. At the time, the Fortune 500 company paid more than $1bn to secure the Leighton Holdings subsidiary of John Holland.

Plans for Aquis Greater Barrier Reef Resort & Casino have been shifted around, upgraded and downgraded, in order to win government approval. Tong Fung believes the project will boost tourism in the region and capture high rollers from China looking for VIP gaming offerings. Current plans include 8 hotels with some 7,500 guest rooms, a convention centre, golf course, VIP and mass-market gaming, all spread across an artificial lake and lagoon.