Minister for Trade and Investment Andrew Robb has welcomed Chinese company Wanda Group’s announcement that it will develop tourism-related infrastructure in Australia worth $900 million.
The first project will be a triple-tower, beachfront resort on the Gold Coast, The Jewel. This will include Wanda Vista, a luxury five star hotel with approximately 160 rooms.
“The addition of a new luxury Chinese hotel brand to the Australian market will have benefits across Australia’s tourism industry,” Mr Robb said at a press conference on 12 August.
“The announcement is a strong vote of confidence and another tangible outcome from the Abbott Government’s highly successful business mission held in April this year as part of Australia Week in China,” he added.
The Wanda Group identified Australia as a priority market for future investment following participation in an investment round table during Australia Week in China — the largest business mission ever to leave Australia for China participated in by over 700 delegates.
“Since September last year, I have hosted 38 investment round tables in 14 countries talking to international investors about why Australia is a good place to invest,” Mr Robb said. “This commitment from the Wanda Group demonstrates the Government’s efforts to promote Australia as open for business are working,” he added.
Wanda is China’s largest five-star hotel owner. The company has 59 five star and “super five star” hotels across China and plans to build at least 15 luxury five-star Wanda Vista hotels in 15 international cities by 2020.
China is currently Australia’s most valuable tourism market worth over $5 billion. Visitor numbers from China increased by 12 per cent to a record number of 759,800 this year.
Tourism infrastructure is one of the government’s five National Investment Priorities.