Chinese family snaps up €20m Fota Island Resort

Bidders for the jewel in Cork’s €20m tourism crown came from India, Taiwan, the US, Europe, China, and Cork — with a Chinese family, the Kangs, yesterday coming up trumps.

The Cork harbour island estate went to tender last week, with around a half dozen international and Irish bids received by joint agents Cohalan Downing and Colliers, acting for Nama and receivers PWC.

Fota went to the altar with other Chinese suitors prior to Christmas, with a sale agreed and a match trumpeted, but it was not consummated — so it was back to the dating game for the profitable tourism and golf product which earns €10m a year in income and has good occupancy levels.