Developers placing bets on casinos overseas
Chinese real estate companies are trying to participate in overseas casino projects as the sluggish property market at home is leading to a drop in profits.
In the first half of 2014, Jeju Island in South Korea and Queensland in northeast Australia became the most popular destinations for Chinese developers, according to a report released by Morning Whistle Group, a Shanghai-based Internet platform that helps Chinese capital conduct cross-border investment and overseas mergers and acquisitions.
Earlier this month, the Shanghai-based developer Greenland Holding Group announced it was forming a consortium with Australia's Crown Resorts to bid on a large-scale, mixed-property complex that includes a casino in Brisbane's central business district.
