Thursday, March 22, 2007
China's 2nd richest man to invest US$2 billion in Philippine tourism (11:30 a.m.)
MANILA -- China's second richest man plans to invest at least US$2 billion to develop high-end hotels and other tourism projects in the Philippines, officials said.
The chairman of the Shanghai-based real estate and furniture empire Shimao Group met with Philippine President Gloria Macapagal Arroyo this week and expressed interest in tourism investments, Trade Secretary Peter Favila said Wednesday.
Shimao was founded by Xu Rongmao, who ranked second on the Forbes' list of 400 richest people in China last year.
Favila said Shimao chairman Hui Wing Mau "told me he has made his decision, he will invest here, in the Philippines."
Favila said the Shimao Group was apparently convinced to undertake projects because of an increasing influx of Chinese tourists in the country and the limited hotel capacity. About 300,000 mainland Chinese visited last year.
Favila said the hotels would be built inside former military camps in Manila. (AP) |
