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Daydream Island sells to Chinese for $30m: half the 2012 tag

CHINESE investors have bought Queensland's Daydream Island for $30 million - less than half of its $65 million asking price in 2012.

Australia's low dollar and a growing Chinese economy meant conglomerate China Capital Investment Group was able to snag the resort island for a steal.

The resort has an estimated annual turnover of $27 million.

It includes a 4.5-star, 296-room hotel which was built after vitamin entrepreneur Vaughan Bullivant bought the island for $25 million in 2000. Before that, it was owned by Australian cinema company Village Roadshow.

It is the second Whitsunday island to come under Chinese ownership since 2012, when investment giant White Horse Group bought nearby Lindeman Island.

APN NEWSDESK

Topics:  china daydream island editors picks foreign investment


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