China's Ridong Group, as well as China's Wanda Group, have engaged Brookfield Multiplex to construct the hotel.
The Jewel project will provide a major boost to the city's tourism market and support more than 2,700 jobs during the construction process.
Queensland state acting Premier Jackie Trad said in a statement on Wednesday the project is a billion dollar vote of confidence in the Gold Coast, and shows the regional city is well and truly open for business as an international tourism and investment destination.
"Once opened in early 2019, the Jewel will be Australia's largest hotel and residential complex, and such a significant investment from China's private sector shows the value the international market places on this booming tourism hub right here in Queensland," Trad said.
Queensland state Tourism Minister Kate Jones added China remains Queensland's largest market in terms of overnight visitor expenditure, recording a massive 51 percent increase to more than 950 million Australian dollars last year.
"With Chinese outbound tourism expected to double by 2020 to around 200 million people, the Jewel certainly is a welcome addition to the Gold Coast to ensure we grow tourism and local jobs for the future," Jones said.
Wanda Commercial Properties Vice President Chen Guocai said the Jewel project would bring together the world's largest property developer and Australia's largest builder to create a piece of Australian architectural history.
"Jewel will be the finest residential and hotel development ever seen in Australia, with levels of luxury never previously experienced here," Chen said.
Shanghai Daily (subscription)
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