Aquis developments gets nod from foreign investment review board

Hong Kong billionaire Tony Fung’s A$ 269 million bid for the Reef Hotel Casino in Cairns, Australia has cleared another regulatory hurdle with Australia’s Foreign Investment Review Board saying it has “no objections” to the proposed acquisition by Fung’s company Aquis, of the Cairns property and associated entities, which include the Canberra Casino.
The Queensland state government has still to give its approval and the deal is also dependent on acceptance by 90 percent of unit holders. Aquis reportedly has acceptance from 79 percent. The bid gained clearance earlier from the Australian Competition and Consumer Commission, but is still opposed by local anti-gambling interests.