Gold Coast billionaire Ri Yu Li sold his stake in the Spirit site shortly after its $59.5 million purchase
It’s been revealed a Gold Coast billionaire quietly sold his 10 per cent share in the site of the failed $1.3billion Spirit development just four months after the deal was sealed.
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GOLD Coast billionaire Ri Yu Li quietly sold his 10 per cent share in the site of the spectacularly failed $1.3 billion Spirit development just four months after the $56.5 million sale was settled, it can be revealed.
Through a holding company, Macau casino magnate Keong Kuong Loi and his family were 60 per cent shareholders of the 89-storey tower site after the sale in February 2019. Mr Li’s Ridong Australia took 10 per cent.
However, company records show Ridong sold its share of the project four months later, allowing the Loi family company to increase its stake to 70 per cent.
Macau residents Kun Man Ieong and Chi Wai Leong hold the remaining 10 and 20 per cent of the holding company, respectively.
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The Brisbane-based agents for Mr Loi’s company did not return the Bulletin’s calls, while Mr Li declined to comment.
Previous Spirit site owners Forise had already spent $120m acquiring and preparing the site, which involved engineering a complicated water barrier for its six-level basement car park.
Sales in the 479-unit tower, which was to boast a $41m penthouse, had been strong since they were launched at a VIP-studded Palazzo Versace event in July 2018.
At the time of the initial deal, the transaction was subject to approval by Treasury via the Foreign Investment Review Board.
Treasury’s media unit would not comment on that transaction, or the subsequent ownership change.
“Treasury does not comment on the application of the foreign investment screening arrangements as they apply or could apply to particular cases,” the department said in an email.
The spokeswoman would not say why it did not comment on particular cases and would not answer a more general question about foreign investment transactions
Mr Loi, 59, owner of Macau’s Rio casino, sealed the deal to buy the site of Spirit — once set to be the Gold Coast’s tallest building – after chartering the $300m 2-Deer Dreamliner private jet and staying 10 days on the Gold Coast.
The jet, which reportedly costs $104,000 an hour to charter, stopped for a day in Sydney after its Gold Coast visit before returning home.
Mr Loi’s first foray into Gold Coast property was the Soul Boardwalk retail and dining centre at Surfers Paradise, which he bought for $90m in 2018.
He added Circle on Cavill to his Coast collection for $61.8m in April 2020.
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, which purchased the site. The directors included Mr Loi and two of his children, Canadian-born Jack Loi and Macau-born Ka Hou Loi.
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