It was touted as the “world’s largest crypto property deal,” but plans to tokenise Queensland’s Great Keppel Island have been derailed by foreign investors.
The current leaseholder of the island, Tower Holdings, has just announced the sale of its lease to a Singapore-Taiwanese company known as Wei Chao.
It’s anticipated Wei Chao will fund a $600m island development, which already has full government approval.
The deal has seemingly blind-sided PropertyBay, which only a month ago announced it was partnering with Tower Holdings to raise the funds needed for the development through a security token offering.
In a statement released on Telegram, PropertyBay has taken aim at the new deal.
“We are very disappointed that Tower Holdings and the Queensland government have decided to work with the Chinese backed Wei Chao group.
“A fundamental element to our blockchain business plan is to ensure that Australia retains its amazing land assets and that everyone should have the opportunity to invest in these assets.
“We’ll be watching the GKI sale process with keen interest and should the Chinese group fail to complete, as is often the case with Foreign investment review cases, then the Consortium will re-engage with Mr Agnew (Tower Holding Director).”
A website promoting the Great Keppel Island token offering has been taken down.
An ‘investor summary’ video remains on the project’s YouTube channel, however a video previously released that included an endorsement from golf star Greg Norman has been removed.