Australia's' Foreign Investment Review Board has approved an application by Chinese developer Aquis to purchase a huge parcel of land for its development at Yorkeys Knob near Cairns.
Aquis owner, Hong Kong-based billionaire Tony Fung, said the resort would rival great man-made attractions seen in Dubai and Singapore and would lure big spenders to Queensland from China.
The proposed development, which still needs various state government approvals, includes nine luxury hotels, an 18-hole golf course and a 25,000-seat stadium.
Locals have raised a number of concerns, fearing the project will increase problem gambling, may damage the Great Barrier Reef and could hurt the region's nature-based tourism industry.
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