Billionaire’s modest beachfront three bedder for rent

Tony Fung

Tony Fung in a file picture taken after he unveiled plans for a new $440m 6 star hotel at Surfers Paradise after acquiring all of the units in an existing building called Pacific Point. Plans have since changed after knock-backs with a new proposal now approved. Picture: Richard Gosling

Queensland-based Hong Kong billionaire Tony Fung may be in the thick of preparations for a giant two-tower Pacific Point project lower down the coast, but remnants of his development aspirations further north remain.

Mr Fung – major shareholder of Aquis which owns Casino Canberra – is a private investment banker, financier and investor who has been sinking funds into residential, farm, stallion and hotel developments across Queensland for almost two decades, including a relatively modest three bed apartment in Yorkeys Knob bought for $420,000 in June 2014.

The apartment is up for rent for the first time since Mr Fung moved on to other investments opportunities across the state.

The beach is directly across the road from the apartment block.

At the time, he had been trying to get approval for the massive $4.2b Aquis Great Barrier Reef resort in Yorkeys Knob – which was knocked back – with his Aquis business going on to buy the Pacific Point site on the Gold Coast for over $23m in 2016.

Mr Fung kept the apartment despite moving to the Gold Coast, putting it up for rent for the first time since he purchased it, asking $520 a week.

The property has a large veranda, perfect for after-work barbecues.

Security at the Sims Esplanade development allows owners to “lock and leave” their unit for months.

It was listed by LJ Hooker as being in a small complex of just six apartments with an in-ground pool, lockup garage, fully airconditioned and geared at those “looking for a lifestyle not just an apartment”.

Mr Fung’s investment DNA is huge, as the son of Fung King Hey – founder of Hong Kong’s largest financial services firm Sun Hung Kai Securities (now Everbright Sun Hung Kai) and Sun Hung Kai Bank (now Fubon Bank Hong Kong).


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