Fullshare Holdings, led by China billionaire Ji Changqun, plans to spend a total of HK$291 million, or $38 million, on property for a tourism project and a land bank in Australia, the company said on Friday.
Fullshare will pay HK$177 million for a plot in Queensland to be developed into a tourism and resort development. Fullshare will also spend HK$114 million on another piece of land in Bloomsbury in Queensland that it will keep for future use.
Fullshare is mostly involved in real estate development.
Chinese billionaires from Wanda Group’s Wang Jianlin – Asia’s richest man – on down have been pouring money into offshore projects amid slowing growth at home in recent years.
Ji debuted on the Forbes Billionaires List this year, and had an estimated fortune worth $2.6 billion in the real-time Forbes Billionaires List yesterday. Fullshare is headquartered in the eastern China city of Nanjing; its shares trade in Hong Kong.
Forbes
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