China foreign investment policy could impact Gold Coast casino project
Chinese-backed casino investors ASF Consortium won preferred proponent status with the Queensland government to negotiate a casino license on the Gold Coast four years ago. After the Government decided to reject its proposal last month, the company could explore its legal options, including potential compensation from Queensland taxpayers.
The policy changes capped off a horror August for the ASX-listed group, whose $3.5 billion casino plan at the Spit was scuttled a fortnight before it lost a multibillion-dollar bid to develop a 10ha site at London’s Royal Docks.
Knight Frank agent Mark Witheriff said he knew of at least two major deals, totalling about USD 40M, that had fallen over after Chinese interests withdrew from negotiations.
“I suspect there will be a slowdown until people see the lie of the land in terms of property,” he said. “There is still interest from Chinese groups but they may not be as bullish as they were.”
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