Queensland's Daydream Island Resort will be sold to Chinese investors after owner Vaughan Bullivant dropped his asking price from $65 million to $30 million.

China Capital Investment Group will purchase the island in mid-March 2015, subject to government approval.

China Capital Investment Group has bought Daydream Island Resort and Spa in the Whitsundays for an undisclosed sum.

The 4.5-star Daydream Island Resort and Spa has 296 rooms and suites, while the island's "Living Reef" is a popular attraction with about 80 species of fish and 50 coral varieties.

Daydream Island owner Vaughan Bullivant decided to sell the island because of poor health, with the new owners agreeing to operate the existing resort and complete a refurbishment.