Wanda Group to add $3bn to development spending

on February 20 2015 | in Daily Headlines Trending | by | with No Comments

CHINA’S Wanda Group has flagged it will spend an extra $3 billion investing in Australia’s hospitality industry on top of the developments it has on the Gold Coast and Sydney.

Federal Trade Minister Andrew Robb said the Wanda Group had a $900 million triple-tower beachfront resort planned for the Gold Coast, as well as the redevelopment of Sydney’s Gold Fields House to include a hotel and apartments.

“The Wanda Group chairman, Wang Jianlin, told me he plans for a further $3bn to avoid being underweight in Australia, as demonstrated by the recent Goldfields transaction in Circular Quay,” Mr Robb told tourism officials last week.

Mr Robb also warned the tourism industry that it must develop 16 luxury hotels every year until 2020 if it wants to keep pace with inbound tourism growth. “We require another 20,000 five or six-star rooms by 2020,” he said.

Demand for accommodation has increased by 4 per cent a year over the past decade, but hotel rooms in capital cities have increased by just 2 per cent.

It was critical Australia continued to attract foreign investment with 40 per cent of new hotel rooms funded from Singapore, Malaysia, Hong Kong and China.

Read more at The Australian.

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