Feb. 11 (Bloomberg) -- The Shaolin Monastery, the 1,500- year-old birthplace of kung fu, plans to spend A$700 million ($631 million) opening a branch in Australia, the South China Morning Post reported, citing Abbot Shi Yongxin.

The monastery is waiting for government approval for the project in Shoalhaven, New South Wales state and plans a similar project in Vancouver this year, the newspaper said.

The overseas temples are part of a business portfolio including martial arts performance, film production, medicinal products and food created by the monastery, located on Mount Song in central China's Henan province, the newspaper said.

Shaolin has also licensed its name to a Taiwanese online gaming company and to a souvenir-retailing chain called Buddha, which will target Olympic tourists, the newspaper said.

To contact the reporter on this story: Lee Spears in Beijing at lspears2@bloomberg.net.

Last Updated: February 11, 2008 01:36 EST