Queensland-based Hong Kong billionaire Tony Fung may be in the thick of preparations for a giant two-tower Pacific Point project lower down the coast, but remnants of his development aspirations further north remain.
Mr Fung – major shareholder of Aquis which owns Casino Canberra – is a private investment banker, financier and investor who has been sinking funds into residential, farm, stallion and hotel developments across Queensland for almost two decades, including a relatively modest three bed apartment in Yorkeys Knob bought for $420,000 in June 2014.
At the time, he had been trying to get approval for the massive $4.2b Aquis Great Barrier Reef resort in Yorkeys Knob – which was knocked back – with his Aquis business going on to buy the Pacific Point site on the Gold Coast for over $23m in 2016.
Mr Fung kept the apartment despite moving to the Gold Coast, putting it up for rent for the first time since he purchased it, asking $520 a week.
It was listed by LJ Hooker as being in a small complex of just six apartments with an in-ground pool, lockup garage, fully airconditioned and geared at those “looking for a lifestyle not just an apartment”.
Mr Fung’s investment DNA is huge, as the son of Fung King Hey – founder of Hong Kong’s largest financial services firm Sun Hung Kai Securities (now Everbright Sun Hung Kai) and Sun Hung Kai Bank (now Fubon Bank Hong Kong).