Chinese investors, done splurging on Australia’s once-booming mining industry, are sniffing around the country’s tourism market in search of bargains.
As Ross Kelly and Rebecca Thurlow report:
Their arrival promises to give a new lease of life to dilapidated resorts and properties stretching from Queensland state on the eastern coast to rural Western Australia.
Many investors are betting on an explosion in tourism Down Under, particularly from China—where people from the country’s expanding middle class are increasingly choosing to spend their holidays in countries that are considered exotic. Although Australia remains a relatively expensive destination, more Chinese are attracted each year to the country’s sunny beaches and unusual wildlife.
Sensing an opportunity, Chinese investors have begun snapping up hotels across the country at an unprecedented rate. They’re also weighing into casinos, a popular hangout for Chinese travelers, as well as experimenting with more offbeat attractions such as a China-themed amusement park.
…
Tourist arrivals in Australia surged by 10% in the 12 months through February, helped in part by a sudden pullback in the Australian dollar last year from historic highs. The number of Chinese traveling to Australia touched a record 748,000 people in the same period—up 16% from a year earlier, according to government figures.
If the current pace of growth in tourism continues, China may soon surpass neighbor New Zealand as Australia’s primary source of visitors, brokerage Commonwealth Securities predicts. Chinese visitors are already spending more in Australia than travelers from any other country, government data show.
via Chinese Travelers Breathe New Life Into Australian Tourism – China Real Time Report – WSJ.
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