After sitting on the sidelines for two years watching home prices plummet, Rina Poke bought her ninth investment property in Australia’s Gold Coast for A$121,000 ($110,388), beating another buyer after a frantic round of bidding.
Apartment prices in the luxury beachside Australian town of Noosa Heads have tumbled by a fifth since 2008 as cracks emerge in a housing market that’s so far escaped the rout seen in the U.S., U.K. and Ireland.
The government of Australia’s Queensland state will study proposals for two new casinos backed by Chinese and Hong Kong investors, challenging Echo Entertainment Group Ltd.’s hold on the local gambling market.
Companies controlled by billionaires James Packer and Cheng Yu-tung have been shortlisted to develop a new casino resort in Brisbane, Australia, as the nation’s government pushes to lure Asian tourists amid an export slump.
Echo Entertainment Group Ltd.’s two largest casinos will be put at risk if a resort that billionaire James Packer wants to build in Sydney and another in Australia’s Gold Coast go ahead, the company said.