Real es­tate de­vel­op­ers look to casi­nos abroad

China Daily (Canada) - - NEWSCAPSULE -

Chi­nese real es­tate com­pa­nies are look­ing at de­vel­op­ing casi­nos in South Korea and Aus­tralia as the slug­gish prop­erty mar­ket at home is lead­ing to a drop in prof­its.

In the first half of 2014, Jeju Is­land in South Korea and Queens­land in north­east Aus­tralia be­came the most pop­u­lar des­ti­na­tions for Chi­nese de­vel­op­ers, ac­cord­ing to a re­port re­leased by Morn­ing Whis­tle Group, a Shang­haibased In­ter­net plat­form that helps Chi­nese cap­i­tal con­duct cross-border in­vest­ment and over­seas merg­ers and ac­qui­si­tions.

The South Korean govern­ment has ap­proved con­struc­tion of its first for­eign-owned casino, de­vel­oped by US firm Cae­sars Entertainment and In­done­sian con­glom­er­ate Lippo Group.

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