Companies controlled by billionaires James Packer and Cheng Yu-tung have lodged bids to develop casinos in Australia’s Queensland state, as the state government plans to lure Asian tourists with new resorts.
Greenland Holding Group Co. likens its downtown Sydney luxury development to a “diamond in the sky” with floor-to-ceiling windows offering 360-degree views of the city. That’s a far cry from the 50-year-old concrete government office building from which the new tower will morph.
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.
Billabong International Ltd., Australia’s largest surfwear company, posted its fourth consecutive half-yearly loss after A$65.6 million ($59 million) of one-time costs compounded a 4.6 percent fall in sales.
Meriton Pty, Australia’s biggest apartment developer, plans to double its debt this year from about A$300 million ($268 million) to buy land amid record low interest rates and soaring demand for apartments.
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.
Echo Entertainment Group Ltd. Chief Executive Officer John Redmond will step down after only about a year in the role, the casino company said today as it reported a 31 percent slump in first half earnings.