Chinese business buys Aussie island: media

SYDNEY - Shanghai-based China Capital Investment Group has bought an island at the heart of the Great Barrier Reef in Queensland, Australia for about A$25 million ($19.21 million).

The South Molle island in Whitsundays had been put up for sale by owner Craig Ross in April, Fairfax Media reported on Wednesday.

"The sale includes a 12 hectares' developable beachfront land, including a frontage of more than 600 meters to one of the only sheltered north-facing white sand beaches in the region and a secluded 15-hectare parcel in the middle of the island, surrounded by national park," the report said.

It also came with an existing 188-room resort and amenities.

"It's been a joy to share South Molle. It's a wonderful island. It's been an amazing 15 years. I wish the new owners all the best," Ross said.

The island is believed to offer the potential for "unparalleled large-scale development potential," according to the information memorandum with the opportunity to develop a 1,300-room resort, subject to the government's approval.

This is not China Capital Investment Group's first purchase in Queensland. The company had previously snapped up the Daydream Island (West Molle) Resort and Spa last year from Nature's Own founder Vaughan Bullivant for about A$30 million ($23 million).