Fung-tastic take two for sales week
HONG KONG investor Justin Fung and his Canungra-based Aquis Farm made a stunning impact at last year’s Magic Millions yearling sales and will be back for more this year.
Mr Fung, son of development tycoon Tony Fung, snapped up shares in more than $8.5 million of bloodstock during the January sales week in 2017.
Among the buys was a $1.3 million share alongside famed trainer Gai Waterhouse.
It is all part of the Fungs’ aim to be become of the country’s biggest players in the thoroughbred breeding and racing industry. Aquis has two sprawling properties at Canungra and the Hunter Valley which are the bases for its operations.
In the middle of last year, well-regarded stud farm manager Shane McGrath was appointed CEO and said the family leave him and his team to do what they do best.
“They have left the day-today development of the operation, growth and recruitment to me. I speak to Justin daily in terms of the bigger picture.
“We won’t be buying volume. We will focus more on quality and strategic purchases,” he said yesterday ahead of the sales tomorrow.
“We are right up there in terms of size and staff numbers.
“They want the respect, the longevity and to be profitable.”
Mr McGrath said the Aquis partnership with the Gold Coast Turf Club was a significant boost for the city and would benefit tourism too.
“Mr Fung and his wife are coming out for the races and Justin is on the way too. The boss loves racing and winning and from Justin’s point of view the winning is all part of the growth of the business.”