Stanley Ho invests in Gold Coast

Gaming mogul Stanley Ho Hung Sun is to invest A$120 million (HK$674 million/US$87 million) in developing a golf course on the Gold Coast of Australia which he has owned for 20 years into a residential apartment complex, Australian newspaper the Financial Review reported yesterday.
The news outlet quoted Mr. Ho’s legal representative, Tony Hickey, as saying that the reason he is preceding with the development is due to the surging number of Chinese tourists visiting the Gold Coast, as well as the positive influence of the Australian city hosting the Commonwealth Games in 2018.
“The Ho family is proceeding with the development because they see it as the right time…There is an upturn in tourism, particularly from China, and the family is very attuned to the opportunities, especially with new aeroplane flights from Asia into the city,” the Australian lawyer said.
Mr. Ho’s new residential project – called Eleve Residences – will feature one-bedroom apartments priced from A$279,900, two-bedroom units from A$399,900, and three bedroom units from A$544,900.
According to the newspaper, the 94-year old gaming tycoon is planning to invest some A$3 billion in the Australian city over the coming three years, developing both residential and hotel projects.