$5.8m purchase | Tuvalu defends Zhao property investment

TUVALU recently acquired property in Fiji for $5.8million ($US2.7m) from Yue Lai Hotel owner Zhao Fugang, a businessman linked to the Chinese Communist Party and designated by Australia as a significant international criminal target, according to a report published this week by the Organised Crime and Corruption Reporting Project.

The transaction occurred shortly after reports by OCCRP, and partners highlighted Mr Zhao’s designation as an Australian Priority Organization Target (APOT) because of alleged ties to organised crime in Fiji. The Government of Tuvalu defended the purchase, saying it was a good investment opportunity for them as it will not only be a residence for the Tuvaluan High Commissioner and its diplomatic staff but will also be used as an evacuation centre for Tuvaluans in Fiji when the need arises..