A Chinese-born, Sydney based, businessman Grant Shang is buying the iconic Port Douglas Marina from Meridien Marinas and will apparently transform it into a five-star marina with a resort and shopping precinct. 

The deal is expected to be finalised later this month after Mr Shang has completed his due diligence and legal formalities. 

Federal MP Warren Entsch had advised The Newsport that this sale had been confirmed on Monday but Meridien Marina GM, Peter Jones, had been unable to confirm the sale. 

Mr Entsch said "This is very exciting for Port Douglas because this development will solve many of the waterfront development issues including the long overdue lagoon project". 

The Meridien Marina deal was facilitated by the Tourism Thinktank consultancy, which is chaired by former Tourism Queensland chairman Don Morris.