That’s how the mayor of Port Stephens, New South Wales describes the site of Birubi Beach Resort, a $50m tourist development started in 2011 and stalled not much later over a dispute between the developer and its Chinese financer, the rather ominously named CSST (China Security and Surveillance Technology). The resort was supposed to be built with Chinese prefabricated units by the now-liquidated Quick Home Australia. Its Hong Kong parent is suing CSST. As its name suggests, CSST comes from a rather different sector, but has gone into real estate both in China and abroad, with mixed results (witness the Henderson, NV stadium debacle, or the health village in Iceland). (Mostly from the Port Stephens Examiner.)
Posted on Tumblr on Oct 3.
In the months since I mentioned it among other CSST-financed developments, the Birubi Beach Resort in Anna Bay, New South Wales, hasn’t advanced much. Contractors had walked off the site in mid 2012 over a payment dispute that was later settled, but work stopped again early this year. Last April, Newcastle, NSW-based NBN TV reported claims the developers had “gone into hiding”, and in June it emerged the builder, Quick Home Australia, had been liquidated. Quick Home’s Hong Kong parent is now said to be claiming $1m from CSST in a suit filed in NSW last month. The developer (not in hiding apparently) expects work to resume “in the very near future”.