Friday, March 23, 2007 Chinese firm to pour in funds in RP’s tourism sector
PRESIDENT Gloria Macapagal-Arroyo said the Shimao Group of Shanghai, a publicly-listed real property conglomerate in China, will invest at least US$2 million in tourism investments in the Philippines.
Arroyo said she received the news from Trade Secretary Peter Favila Tuesday night and it was confirmed by Chinese ambassador Li Jin Jun Wednesday morning.
She said the investment would be in the Bases Conversion and Development Authority (BCDA).
Favila told Palace reporters in a phone interview that Shimao would invest US$2 billion to US$4 billion in Fort Bonifacio, Jusmag and Palawan.
The signing was set to take place on Thursday morning with the BCDA and the formalization of other documents will be signed in the presence of Arroyo when she visits Shanghai towards the end of April.
Favila said he met with Shimao Group chairman Hui Wing Mau Tuesday night who declared over dinner that he will invest in the Philippines.
He said Hui also asked about the status of the proposal to amend the 1987 Constitution on foreign land ownership. "I told them the best way to address this is through long-term lease," he said.
Favila said the Shimao Group has three listed companies - the Shimao Property in Hong Kong, the Shimao Stock in Shanghai, and the Shimao International Offshore in Hongkong.
He said their business is the development of high-end residential and commercial properties and high-end five-star hotels. They also have hotels in Australia, Southeast Asia, Russia and China. (JMR/Sunnex)
