4CA - Queensland's Home for Fake News

4CA - Queensland's Home for Fake News
4CA - Queensland's Home for Fake News Led by John "Cueball" Mackenzie

12 May 2016

UPDATE ON FAILED BAHAMAS HOTEL AND CASINO PROJECT AS IT COLLAPSES INTO LIQUIDATION

SO CLOSE, AND YET
SO FAR.  
We've previously discussed the Chinese mega-resort Baha Mar, a 2,200 room resort and casino on the oceanfront in the Bahamas.  The project collapsed into disarray over a year ago, with over 2000 workers sacked and 6000 Chinese workers sent home.

The project has now entered receivership in the Bahamas, a country that doesn't even have proper bankruptcy laws that might allow an orderly restructuring of a project this massive.

This project just 25% the size of Aquis.  Now sits empty, rotting in the tropical sun, receiving NO maintenance.  

And like all business collapses, the "real" story is now starting to percolate out of the court filings.

The first problem?  The Export-Import Bank of China (CEXIM), which provided the bulk of the finance, demanded in their loan agreement that the Chinese builder, China State Construction Engineering Corp. (CSCE), could NEVER be sacked.  No matter what.

The root of the collapse is now known to have been the shoddy construction works done by CSCE, who never before have built this kind of resort.  The poor quality and workmanship were starting to show as the buildings neared completion.  In the first test of the fire suppression system hundreds of leaks damaged large areas of completed ceiling spaces when first charged with water.  And hotel representatives, assured they were getting five-star quality, were rejecting the buildings after their first inspection.

In an email between Chinese subcontractors accidentally provided to the court, one chided two of his staff for using cheap, unapproved materials and fittings.  The email said "What's wrong with you two!  You can't fake things in such an obvious way!  You're going to get yourselves in trouble!  If you want to do this, you must be careful".

And this project is just 25% the size of Aquis.  Did we say that already?

So damaging has been this experience for the Bahamian government, their own credit rating has been slashed to just above junk status.  After tearing down their previous convention centre in anticipation of the Baha Mar-promised  facility, they were forced to borrow heavily to finish the centre to avoid further damage to their convention business. 

And to think, this Chinese project DIDN'T promise the local rubes a rectangular stadium or theatre!  The scoundrels! 

The collapse of this project is seen as a drag overall on the Bahamian tourism market.  

Beware of LNP politicians bearing gifts.   


18 comments:

Ken svay said...

Local dreamers and ignoramuses who think that Aquis is coming are barking mad. Even if some sort of scaled down project eventuated it would be built with cheap Chinese labour and cheap Chinese steel, glass and internal fittings.
They are not going to be buying hundreds of door handles from Cairns Hardware.

Anonymous said...

China's property bubble is bursting. The worlds game of smoke and mirror economies is falling apart. The Fungster needs investor support for Aquis, and the money just isn't there anymore. Politicians and the The Compost need to stop playing with themselves and dreaming about 'big things' because even if it still goes ahead it will be at a reduced size and will bring SFA to our regions tourism as the only money being generated will be for Brisbane and the state government which will not be spent on FNQ.

Anonymous said...

Hang on...I was at the public meeting at Palm Cove on 10 March and Bob Manning confidently said that he would be able to make a big public announcement re Aqis within the next four weeks.Oh no does this also mean the Chinese won't fund the Palm Cove Marina project as well?As you say so eloquently HBW...you couldn't make this shit up....

Anonymous said...

Even Citibank have stopped accepting chinese documents or funds on mortgage applications. This is the first steps towards investment from China dropping.

The chinese banks are desperately trying to get their money out of the country and into assets before the inevitable collapse in value of the Yuan.

Anonymous said...

Off topic but I thought worth a mention after seeing Wazza's face EVERYWHERE around Cairns.
I am moving way down South and have just received an annual Insurance bill for $672.00 for our new home and contents.
Today I also received a bill for my Cairns house for $3,869.00 -a massive difference of $3,197.00 -remember this, people, when voting in the next election -What did Wazza do for us here?? Nothing.

Anonymous said...

Anon 15:09 You may still get a water bill that is separate to rates down south but still the rates here are outrageous. My brother has a multi million dollar waterfront in NSW and pay less than I do in ordinary house in suburban Cairns. How they can afford to pay more for the houses, pay less in insurance, rates and electricity so more for a mortgage.

Anonymous said...

My nice in Melbourne pays exactly half of what I pay in rates and gets more services than what we do here.

Anonymous said...

Why not, Cairns Hardware sells cheap chinese door handles

Anonymous said...

Off Topic..but Darren Halpin who is a known to be fundraising for Stensch said this on late comer candidate McCarthy page!
"I talked to Daniel about his views and ideals the other day and found myself agreeing with everyone of them. I am sure that the more people that hear his story the more support he will get.
If you get a chance listen to what he stands for and his passion for North Queensland and doing the right thing! I have never not voted for a major party , but Daniel has my vote. I believe he can make a real difference if we give him a chance."

Anonymous said...

Anon 9:13

Daniel McCarthy is a climate change denier. There is major cognitive bias, dissonance or some instinct triggered with these people that makes them blind to facts. The press has an obligation to report facts and should never indulge people like him. He says scientists lied when they said the corals were dead, except scientists never said any such thing. They said the corals were bleached. Some media translated that to mean death but scientists never said any such thing. The scientists did say that bleaching wil occur every two years probably as soon as 2030 and then coral will not have time to recover. Instead of heeding this serious warning this stupid town listens to the nutcase. However the money will be listening to the scientists and we can expect to see little interest in tourism investment when the ROI requires a asset life of 15 years. He is not passionate about North Queensland, he is only passionate about protecting his back pocket from reality.

Anonymous said...

WTF did you say shanghai? H/B is deleting posts he puts up. 10;49 pull your head out of your arse.

shanghai said...

um yeah but nevertheless keep smashing your credit card debts and save yourself 20% p.a that's the best gig in town and look on the bright side all that credit when deflation kicks in... oh that's an interesting term I've haven't heard this election.

Ken svay said...

Chinese stuff sold in Australia has massive mark ups. If you live in Cambodia you see the real price of Chinese goods as mark ups are minimal in Cambodia. I bought two cheap Chinese Lanes door handles from Bunnings. One had a key that wouldn't fit and the other lasted a few weeks.They cost about $22 each, in Cambodia they would be $3 or so.That's how Bunnings make so much money.
The simplest stuff in Officeworks like pens and exercise books have massive mark ups.

the ponz said...

Once again, good call Shanghai

Anonymous said...

Speaking of credit cards, Australia's credit card is now around $400 billion. Of course the dumb asses like Cairns residents wouldn't know that because the crafty Poliies piss on about having a surplus, no surplus, a small surplus, some surplus. All a clever ruse to make you distracted from the real debt that exists behind the scenes. Tricky words and smoke and mirrors from politicians aka used car salesmen and shonks. Throw the monkeys a food pellet and watch how content they are. In our case it's give the unemployed grubs a free TV and enough welfare to buy ciggies, feed the two bull mastiffs and put $5 fuel in the shitbox Commodore, all c/o of the 7 children to different relationships, and they are happy!
We are following Americas lead and they have so much debt it can never be repaid. Officially it is $19 trillion and unofficially it could be $300 trillion. Fractional banking is dead. The $US dollar is dead. The worlds economy is sinking into an abyss that has no silver lining. I bet $50 that 98% of Cairns dopey residents have never even heard of the term 'hyper-inflation' and wouldn't even be aware of how serious things have become worldwide - USA, Spain, Europe, Italy, Greece, Zimbabwe, Africa, and France for starters. Venezuala is in it's death throes and going through hyper-inflation with worthless currency, no food, and riots. Now Germany and China's wheels are falling off.

Our country is inside the Matrix and taken Neo's pill and are none the wiser. It's frightening. Economic Armageddon is speeding towards the world and nobody can see it coming.

It's all going to end in tears folks. Forget the Casinos unless you want to gamble with river stones or cotton buds as currency.

Alison Alloway said...

I bought a six pack of wooden coat hangers from Spotlight a few weeks ago for $8.00. I could only insert the metal hook into the wooden pieces on three of them. The other metal hooks were not pointed enough, nor had the holes in the wooden pieces been drilled properly. Henceforth I had to throw three out. Of course they were "Made in China". Venturing into an Op Shop up the road from me, I found all these ancient wooden coathangers going for 20c each. All were perfectly made and perfectly usable. Basically, I find that most goods made in China are of grossly inferior quality.

Because I sew a lot, I find synthetic buttons made in China give out an unpleasant chemical smell; zippers frequently won't run up (or down); and new fabrics when washed often exude an unpleasant dye. A lot of the womens clothing manufactured in China incorporates a lot of synthetics, including what I was disgusted to find, a neoprene type fabric. By direct contrast, fabrics and cottons made in Japan are of excellent quality.

Anonymous said...

anon 22:41, too right mate. "local" companies like CH import everything direct from china anyway so it will fit right in. Locally famous since the 70's and owned by a millionaire in Victoria....What a joke this town has become....

Ken svay said...

Any news from AQUIS lately?