Guessing game begins over identity of super-rich Gold Coast Spirit tower buyer

There are 2208 billionaires in the world — so which one is about to splash more than $50 million on the failed $1.3 billion Spirit site at Surfers Paradise? See the contenders

An aerial of the Spirit development in Surfers Paradise in November. Photo: Supplied.

A GUESSING game has begun over the identity of the wealthy new owner of the failed $1.3 billion 89-storey Spirit tower site at Surfers Paradise.

The buyer is believed to have sealed the deal early last month after chartering the $300 million 2-Deer Dreamliner private jet and staying 10 days on the Gold Coast.

The jet, which reportedly costs $104,000 an hour to charter, flew its VVIP passengers out of Nanjing in China and stopped for a day in Sydney after its Gold Coast visit before returning home.

The new owner, a consortium of Australian and Chinese investors, is understood to have paid $50-60 million for the 3494 sqm site, on which former owners Forise had already spent more than $120 million preparing to build what would have been the city’s tallest building.

Among the property players rich enough to buy the Spirit site is China’s third richest man and chairman of Hong Kong listed China Evergrande Group, Hui Ka Yan, who first visited the Gold Coast five years ago, staying at Palazzo Versace, and viewing the Sheraton Mirage, which ultimately sold to The Star Entertainment Group.

Mr Hui, also known as Xu Jiayin, has estimated wealth of $53.18 billion, and his company sold $4.5 billion in property in February alone, according to filings with the Hong Kong Stock Exchange.

Forise Holdings' $1.2 billion Spirit tower will probably not rise 300m above the Gold Coast. Supplied

SUBSCRIBE TO THE GOLD COAST BULLETIN — JUST $1 FOR THE FIRST 28 DAYS

Others with the means and history in Australia to buy the Spirit site include billionaire Hui Wing Mau, also known as Xu Rongmao, the chairman and founder of Hong-Kong based Shimao Property Holdings with reported wealth just shy of $12 billion.

Mr Hui is a Hong-Kong-based Australian citizen who studied for his Masters of Business Administration at the University of South Australia.

Former Jewel owner Wang Jianlin, the head of the Dalian Wanda Group with an estimated $33 billion, is an unlikely contender as his wings have been clipped by the Chinese Government and he has spent the past two years selling his foreign assets including Jewel and its sister project in Sydney.

HNA Group owned 787-7 Dreamliner, registration 2-DEER, was at Gold Coast Airport for 10 days. Photo: Supplied

One big player confirmed to be sniffing around the project was Meriton billionaire Harry Triguboff, who at one stage was a serious contender to buy it but eventually declined.

The project stalled in September after Forise Investment Australia, a subsidiary of China’s mammoth Fu Hua Group, ran into financial trouble, falling behind in rent, commissions and consultants’ payments.

The Bulletin can reveal Forise’s debts landed them in court last week after WorkCover Queensland brought insolvency wind-up action over $18,695 in unpaid insurance and late fees.

The case was dismissed on Thursday and the Bulletin understands the debt has been settled.

Spirit’s slick website displayed nothing but an error 404 message yesterday.

An artist impression of Spirit, which was officially launched to the market on Friday, July 6 but is already dead in the water.

It is unknown whether Forise’s apparent withdrawal from its Gold Coast investments will impact its ASX-listed mining company Frontier Resources, chaired by Southport lawyer Tony Hickey.

Mr Hickey’s Hickey Management ceased its project management of the Spirit site in September, a month after Forise took a majority stake in the Perth-based mining company, which is also listed on the Frankfurt Stock Exchange.

Mr Hickey declined to answer the Bulletin’s questions.

The Spirit site sale is subject to Foreign Investment Review Board approval.