John Garland, a businessman from Perth, Australia, formed an investment fund in an attempt to attract Asia's wealthiest investors to the Australian market.
Garland is the son of one of the most prominent names in the real estate and property development sector in Australia, John Garland. He successfully developed the new fund, called 888 Fund, with Yu Jiao Qing. Yu is a property developer based in Shanghai, China.
The 888 Fund is set to attract China's elite businessmen through Australia's SIV program. The Significant Investor Visa program enables high net worth investors and their kin to relocate to Australia after only four years, provided that they provide AUS$5 million above worth of investments.
Garland said that interested Chinese investors are not worth anywhere near the AUS$5 million mentioned by the SIV program. He said that the investors he met have assets worth between AUS$30 to AUS$400 million, some of them even extend to an "even higher league."
"They are highly successful business people who will in time establish businesses here creating employment opportunities across the economic spectrum. We will also undoubtedly benefit from their links to China as well as their deep knowledge of the business environment in a country that is our major trading partner," Garland noted.
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