Oct
21

Tony Fung predicts Coast Chinese tourists will more than double over the next five years

Gold Coast Bulletin

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WEALTHY real estate buyer Justin Fung says with the right infrastructure the Gold Coast can more than double Chinese tourist numbers over the next five years.

Mr Fung, whose father is Hong Kong billionaire Tony Fung, was on the Gold Coast yesterday for the Property Council’s Property Congress at the Sheraton Mirage in Main Beach, which the Fungs are planning to buy and possibly turn into a ­casino-resort.

He took part in a panel discussion and spruiked the importance of the Chinese market, predicted to reach over 200 million outbound tourists by 2020.

“The world is on the cusp of a global tourism boom, the likes of which we’ve never seen,” he said.

“In the year 2020 it’s projected there’ll be 200 million Chinese outbound tourists … Australia is so uniquely situated to capitalise on this.”

After the panel, Mr Fung said he viewed the Gold Coast through the prism of its “tourism potential”.

“We just think the Gold Coast is such a spectacular spot, it has an internationally recognised brand name as it is,” he said.

Mr Fung said the numbers of Chinese tourists were “mind boggling” with current projections showing the number coming to Australia doubling in the near future.

“I think that that’s shortsighted, I think that’s unambitious,” he said.

“If we are such a desired destination then why are we only carrying a two to three per cent market share of Chinese outbound tourists? That should grow. We should be looking at more than doubling that and if we have the infrastructure we should be able to achieve it.

“If we were to follow through on the purchase of Sheraton Mirage and start a development we would look to build something that would be of a world-class nature and bring in international tourists.”

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