Shoalhaven City Council has received a deputation from representatives of the Shaolin Temple Foundation during tonight’s Ordinary Meeting held at the Ulladulla Civic Centre.
Shaolin Temple Foundation representatives Mr Liu and Patrick Pang took the opportunity to explain that the due $5.1 million mortgage payment for land at Comberton Grange would not be able to be forwarded to Council until mid-January.
Mr Pang told the meeting that the holdup was in part due to the Chinese Foreign Exchange needing to approve the release of funds as part of the country’s anti-corruption laws.
Council accepted Mr Liu and Mr Pang’s assurance that the funds would be received in mid-January following full clearance from the Foreign Exchange.
The meeting was told that representatives from the Jiangyin Government would be travelling to Australia later this month to further discuss the Shaolin Temple project with Council.
In a letter to Council the Jiangyin Government said they hope to quickly start the project and are currently waiting for the funds to be transferred.
Mayor, Joanna Gash said Council had received the advice on good faith saying she appreciated the Shaolin Temple Foundation representatives taking the opportunity to present the news in person.
The Mayor said that Council would be asking for a copy of a letter from the Foreign Exchange Board to confirm approval for the advancement of funds from China.
“The Shaolin Temple is an extremely exciting and important large scale development for Shoalhaven City,” said Clr Gash.
“Once completed, the Temple is expected to attract upwards of 300,000 overseas visitors per year while injecting approximately $132 million in regional turnover annually into the local economy.
“While Council would have liked to have already received the mortgage payment for land at Comberton Grange however I am certainly aware of the legalities and intricacies of the Chinese Foreign Exchange process.”
“Council welcomed the deputation from the representatives of the Shaolin Temple Foundation and appreciates their honesty and commitment to having finalised the funding process by mid January.”
“The Mayor said the proposed development included plans for a four star hotel, Kung Fu academy and educational facility.”
CONTACT: Mayor, Joanna Gash - 0427 160 172