Shock Coast supertower site buyer revealed
LONG-TIME Gold Coast investor Ri Yu Li has emerged as part of a consortium to buy the site of the stalled $1.3 billion Spirit project.
If the sale is finalised, Macau casino boss Loi Keong Kuong and his family will be majority owners of the Trick- ett St site where struggling Chinese company Forise had planned to build the Gold Coast’s tallest tower.
Mr Loi, 59, owner of Macau’s Rio casino, is believed to have sealed the deal early last month after chartering a private jet and staying 10 days on the Gold Coast.
Mr Li’s Ridong Group was previous partner in the Jewel development with Wanda Group, before selling to Yuhu Group last year.
The consortium created a company on Valentine’s Day called 3 Trickett Street Pty Ltd, with directors including Mr Loi and two of his children, Loi Jack and Loi Ka Hou.
The company registered a mortgage over the on February 28.
Ridong Australia has a 10 per cent stake in the company while the Loi family, through a company incorporated in Melbourne, haa 60 per cent; Macau resident Kun Man Ieong has 10 per cent; and Port Melbourne resident Chi Wai Leong holds 20 per cent. Spirit site
The Spirit site sale is still in due diligence stages and also subject to Foreign Investment Review Board approval.
The new owners are understood to have paid $50-60 million for the 3494sq m site.
Ridong Group has declined to comment on the deal and the Bulletin is attempting to contact Mr Loi.