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Home Coordinator-General Assessments and approvals Coordinated projects Completed projects Aquis Resort at the Great Barrier Reef Project.
Date Activity 30 April Commonwealth Minister for the Environment's approval of controlled action , subject to conditions.
Last updated: Monday, Jul 13, Redevelopment of ha of rural land into a large-scale integrated tourism resort. Aquis Chairman Tony Fung has more than 40 years experience in global financial services and investment, including more than 15 years as an active investor in Australia.
Since the sale Mr Fung has operated as a private investor focussing primarily on Hong Kong commercial property and other property-linked investments.
His tourism development experience includes the AsiaWorld-Expo exhibition centre at Hong Kong International Airport. His inspiration is Lui Che Woo, the founder of Macau's Galaxy Casino, which sits along the province's famed Cotai Strip of VIP gaming venues.
He just celebrated his 85th birthday and he's still going very strong. The casino has the backing of the Cairns council and according to polls the company commissioned, it has more than 70 per cent local community support.
The heads of local tourism and commerce bodies are also on board - some of whom appear to be trance-like in their support for Aquis. They believe the integrated resort will put Cairns on the world map and usher in a new wave of visitors to an area traditionally famed for "ecotourism".
That said, a Yorkeys Knob protest group exists and an environment professor at James Cook University believes the site is at risk of flooding.
A close bond appears to exist between Tony and Justin Fung. And despite their wealth, they were until recently intensely private people.
If Aquis is built, he will shoulder an increasing responsibility to keep the ship afloat - a task the year-old admits is daunting.
At a young age I thought, 'that is the most boring thing I've ever heard of'," he said. Justin - who grew up in Hong Kong and the US - chose to enrol in a double degree of Asian and African languages instead.
As Justin begins to tell the story, Tony bursts into laughter and begins shaking his head, prompting his embarrassed son to concede that his old man was indeed right.
It changes the way you think about things. Things don't look great for the future of Aquis in the Tropical North with news that Ken Chapman has resigned as a director and the company's sponsorship of FNQ Heat is over.
Aquis has cut ties with two key Cairns connections in further signs it has all but abandoned its long-running ambition to build an integrated resort at Yorkey's Knob.
Local tourism identity Ken Chapman has stepped down from the Aquis board, according to a recent announcement to the Australian Stock Exchange.