Chinese investors continue on a shopping spree abroad, as the local economy continues to experience a slowdown, with an investment group paying US$30 million to own a tropical island resort in Australia.

China Capital Investment Group (CCIG), a Shanghai-based investment firm, will purchase Queensland's Daydream Island Resort, subject to government approval.

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The tropical island resort is located off the east coast of northern Australia and features the 4.5-star Daydream Island Resort and Spa and the "Living Reef", a popular attraction.

The Daydream Island Resort and Spa has 296 rooms and suites while the "Living Reef" is popular for its 80 species of fish and 50 coral varieties.

Vaughan Bullivant, owner of Daydream Island told Australia's newspaper Fairfax Media that he was happy to have finally found an investor that will continue operating the property.

The purchase includes the current management team.

Bullivant said CCIG has the opportunity to further develop the southern end of the island.

"We look forward to improving the property and providing both domestic and international guests with a continued high level of quality service and enhancing their holiday experience," said CCIG Chairman Zhou Chuanyou.

The purchase is set to take effect in mid-March of this year, if approved by government regulators.

Australia has been a favorite destination for Chinese property buyers, especially home buyers.

According to a report released by Credit Suisse, nearly 13 percent of all home purchases in Australia in 2014 were made by Chinese nationals.

The report said Chinese home buyers spent about US $5 billion last year.

Word of the rush on Chinese home purchases in Australia comes on the heels of a new free trade agreement worked out between the two countries last month.

In August, Wanda Group invested around US$7.5 billion in a resort in Gold Coast, Queensland.

TagsChinese Investment in Australia, Daydream Island