CHINA SYNDROME

$20b of foreign projects either canned or sitting idle, and what it means for us

GOLD Coast powerbrokers are looking at a wave of retirees migrating from southern states to ensure the city’s economy doesn’t fall off a COVID-19 cliff.

A Bulletin investigation today reveals $20 billion of Asian-backed proposals have hit the skids in just five years. A small number of those projects are still on the table but city leaders are cautious about them going ahead.

An economic slowdown, increased lending restrictions, coronavirus and growing political tensions between Australia and China have been blamed for the foreign walkout.

Instead, the city will turn to cashed-up downsizers and investors from New Zealand, the US and Middle East. “First, it will be from Sydney and Melbourne,” one prominent developer said. “The congestion down there is terrible and I think you will see the financial situation will really knock them sideways.”