Hong Kong-registered China Resources (Holdings) Co., Ltd. will invest at least one billion yuan (US$ 120 million) to build a tropical paradise for tourists in Hainan, an island province in south China.
The project will be located at Shimei Bay, Wanning City. It will cover an area of 180 hectares, including a seven-kilometer-long beach along a forest 12 kilometers long and 400 meters wide.
The Hong Kong company expects to turn it into a famous tourism and holiday zone in China or even Asia, company sources said.
Construction of the project is scheduled to start in June and will be finished in five years. A special panel led by the Britishdesign company Scottwilson has been invited to design the project.The preliminary designing, environment impact assessment and project appraisal have been completed.
China Resources obtained the land use right through an asset exchange program with Hainan New Energy Co., Ltd., a Shenzhen-listed company.
According to China Resources officials, this is one of the company's major projects to further tap the mainland market. Otherbig events include investment in a brewery in Sichuan, a fuel production project in Jilin and a leading real estate company in Beijing.
( Xinhua News Agency February 7, 2002)
