China tycoon eyes Philippine tourism

(AP)
Updated: 2007-03-22 10:58

MANILA, Philippines - 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.

Top China News

· China, Russia to sign $4.3b deals during Hu's visit

· China to halt accumulating foreign reserves

· Experts dismiss claim Shanghai will drown

· Japan, China to engage in history disputes

· President vows to improve strategic ties with France

Today's Top News

· President's Russian visit to yield $4.3b deals

· Nuke talks extended over funds

· China stocks hit record high

· Democrats set Iraq deadline in war bill

· 2 Chinese workers abducted in Nigeria

Most Commented/Read Stories in 48 Hours

^{<style id="sjyka"><th id="sjyka"></th></style>}