I visited Frogs Hollow yesterday (on four wheels) while visiting relatives nearby.
What a wonderful and peaceful setting. I am not against developers per se but this is quiet rural land with no nearby commercial/residential development.
A massive change would be necessary if the Chinese proposal was granted.
Apart from the imposition on the locals of the proposal, the benefits would probably be few as historically it would be built by Chinese, staffed by Chinese except for flying instructors, catered by Chinese and accomodation staffed by Chinese.
I am not against Chinese trading in Australia but it should be within currently operating larger airfields.