China property companies eyeing Australia, Korea for casino projects

BEIJING – Facing a sluggish domestic property market, Chinese real estate companies are looking abroad for the possibility of participating in overseas casino projects. A report released by Morning Whistle Group, a Shanghai-based internet platform that helps Chinese capital conduct cross-border investment and overseas M&A, says the new two most popular destinations are South Korea’s Jeju Island and Queensland, Australia.

Earlier this month, Shanghai-based developer Greenland Holding Group announced its intention to work with Australia’s Crown Resorts in bidding on a large-scale, mixed-property complex that includes a casino in Brisbane’s CBD. ASF Consortium is currently working on plans to develop a USD 7.5 billion casino resort in Queensland, where the local government is trying to break the monopoly of local gambling industries by releasing more casino licenses later this year.

In South Korea, the Government recently approved of its first foreign-owned casino (a joint US-Indonesian project), and Chinese property developer Landing International Development has subsequently been planning development a USD 2.2 billion casino resort there. Both South Korea and Australia have become two of the most popular destinations for Chinese tourists, and casinos abroad hope to benefit from their increasing presence. www.webershandwick.cn (ATI).