Chappypie ‘China World’ white elephant sinks

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Via Sinofax:

Sydney residents wanting to experience the majesty of imperial China may have to continue to travel further than Wyong, following the seeming disintegration of plans for a Chinese theme-park on the Central Coast.

The company behind the mooted “Chappypie China Time” theme park at Warnervale has apparently failed to make contractual payments for the purchase of land for the theme park.

The latest development comes after the former Wyong Council last February contracted with Australia China Theme Park to sell it two parcels of land totalling 15.7 hectares near the Pacific Highway at Warnervale.

The company paid $300,000 deposits for each parcel, and was to settle the first parcel for $3 million plus GST this February.

The Central Coast Council then gave the company an extension until the end of March. But the Council’s statement this week suggests the Australia China Theme Park has missed that deadline.

Bob Graham, a former independent councillor on Wyong Council, which has since been merged into the Central Coast Council and placed under the control of an administrator, said the project never made any sense.

Mr Graham said the council-owned land at Warnervale should instead have been used for a business park, which could already be employing people.

Racist!

That’s one whack idea:

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.