Queen's Wharf's other backers
28 July 2015
In a significant milestone for Brisbane, the preferred tenderer for the city’s iconic Queen's Wharf is the Destination Brisbane Consortium (DBC).
DBC is backed by Hong Kong-based Chow Tai Fook (CTF) and the Australian arm of Far East Consortium (FEC). Most of the media coverage understandably focused on the ASX-listed Echo Entertainment, which will contribute 50 per cent of the capital to the development, while CTF and FEC will each contribute 25 per cent.
CTF is a private company controlled by the Cheng Family. The principal activities of the group of companies are investment holding, property, hospitality and consumer and retail businesses. But the company is also a controlling shareholder in New World Development (NWD), the Hong Kong-listed company that is a significant owner of international hotels through its Rosewood Hotel Group. The group manages a portfolio of 55 hotels in 18 countries across three different brands.
Chairman of Chow Tai Fook Henry Cheng said the company was looking forward to being part of the iconic project development.
“We are confident of helping shape the city into an incredibly vibrant modern metropolis of which the people of Brisbane will be rightfully proud and want to share with the world,” Mr Cheng said.
Almost unreported this week is FEC’s significant interest in Australia. Since starting operations in Australia in 1994, the group has contributed significantly to Melbourne’s skyline through 12 landmark urban renewal redevelopments. Its parent company Far East Consortium International was founded in 1960 and is one of Asia’s largest property developers and is a public company listed on the Hong Kong stock exchange.
Chairman of Far East Consortium International David Chiu said the redevelopment of the Brisbane CBD was one of its most exciting projects.
“We are very happy to bring years of experience in international hospitality operation and mixed use development to Brisbane, Mr Chiu said.
“This will be a transformational project for Brisbane and, combined with the natural beauty of the region, will make Brisbane a ‘must’ go destination for international travellers.”
All three partners in DBC estimate the economic contribution of Queen's Wharf will deliver a $4 billion projected boost to Gross State Product and $1.69 billion projected annual increase in Queensland tourism.
Invest Brisbane congratulates all partners involved in the successful proposal for the multi-billion dollar Queen's Wharf Brisbane project and looks forward to working with all during this game-changing development in Brisbane.
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