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Gold Coast Council hopes more karaoke bars will attract Asian investment

Saturday, 12 Mar 2016 07:17:10

The Southport spot where a new 170 person karaoke bar will be built. (ABC News: Ashleigh Stevenson)

The Gold Coast City Council hopes more karaoke bars will help woo Asian investors to the glitter strip.

The council has approved the development of a 170 person bar in Southport.

In nearby Broadbeach, a $345 million Jupiters Casino revamp will feature private karaoke rooms.

Mayor Tom Tate said it was important to consider the personal side of business when dealing with Chinese investors.

"A lot of business is done at the karaoke bar because it's about building relationships, it's not about just numbers as far as the Asian mindset is concerned," he said.

"If it means that more projects will come to fruition and if it means that we come of age... be an international city by having a high-class karaoke bar, then I welcome it.

"[Just] don't ask me to sing."

A lot of business is done at the karaoke bar because it's about building relationships, it's not about just numbers as far as the Asian mindset is concerned.

Gold Coast Mayor Tom Tate

In the last year a number of major developments funded by Chinese investors have been earmarked for the Gold Coast.

Work has already begun on the $1 billion Jewel development at Surfers Paradise, and an 88-storey residential building has been proposed for the Iluka site.

Chinese investors such as Frank Xu, who is the director of Sunshine Investments International, said despite the country's recent economic uncertainty he expected more development to follow on the Gold Coast.

"The Australian dollar is in a very, very favourable condition compared with the previous exchange rate," Mr Xu said.

"The Chinese mindset is that investment in real estate is really the safest option, so it's their first choice in relation to their investment."

Mr Xu said it was important for personal relationships to be formed with Chinese business people.

"In Chinese business culture trust is the most important factor," he said.

"So that's why they're always doing business with what they call their friends."

AustraliaPlus


 

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