| Australia Considers China To Be A Golden Opportunity | Return to Headlines |
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Australia is set to sign a deal with China to attract millions of Chinese holidaymakers Down Under. With an estimated 100 million Chinese heading overseas on holidays by 2025, Australia is keen on capitalizing on this huge market, and is expected to sign an agreement with China. Currently, 285,000 Chinese tourists visit Australia each year. The figure is expected to grow to 1.2 million by 2015. On its part, Tourism Australia has been focusing on targeting Chinese visitors who will spend more when in Australia spreading the economic benefits of tourism throughout the country. Chinese tourism is predicted to be worth US$5.5 billion by 2015, up from an estimated US$1.2 billion in 2007. Australia has already begun liberalizing air travel to China, but demand for seats is expected to outstrip capacity in another two years. |
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| MFS Moves To Take Control Of TLC | Return to Headlines |
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Gold Coast-based MFS launched a takeover for the Malaysian-controlled Tourism, Hotels and Leisure entity, buying 17% of its issued capital. If successful, MFS would control a portfolio of tourism assets worth up to US$230 million across Australia. The acquisition of TLC's portfolio would also accelerate MFS's plans to create a separate investment vehicle for its Stella Resorts Group and other tourism assets valued at up to US$385 million. MFS's offer to acquire the US$30 million company which operates 15 Central Business District hotels is, however, subject to certain conditions including a minimum acceptance level of 90 per cent by its shareholders. |
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| Central Hotels And Resorts Has Earmarked A Substantial Budget To Revamp The Central Hua Hin Village | Return to Headlines |
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The new facility will cover 8.43 acres and be renamed The Villas at Sofitel Central Hua Hin Resort. The renovation of the 41 contemporary-style bungalows will be completed in November this year. The villas will offer either a private five-metre splash pool or oversized Jacuzzi spa. The 41 villas will be available in four types of accommodations. The Deluxe Spa Villa will provide king bedded accommodations, private bathroom with bath and rainshower, lounging area and a private walled and furnished garden with spacious whirlpool spa. The Deluxe Pool Villa will offer luxurious king size beds with a unique indoor / outdoor bathroom with large stone bathtub on the terrace. |
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| Sheraton Huizhou Resort Plans Opening In 2009 | Return to Headlines |
| Starwood will manage the newly built Sheraton Huizhou Resort in Guangdong province with a scheduled opening in January 2009. Sheraton Huizhou Resort will be located on Xunliao Bay in the Huidong county. The resort will be part of an integrated beach and golf resort community consisting of a 27-hole golf course, ferry terminal, private club, 372,000 square metres of commercial and retail complex as well as private villas and residential units. The hotel will offer 303 rooms, 1,500 square metres of meeting space, five restaurants and bars, a health club and spa, tennis courts as well as indoor heated and outdoor swimming pools. | |
| Cheung Kong Plans Hotel REIT | Return to Headlines |
| Hong Kong developer Cheung Kong (Holdings) may list a property trust in the territory for some of its hotels, according to sources familiar with the deal. Cheung Kong, controlled by Hong Kong's richest man Li Ka-shing, has stakes in 11 hotels in the territory including Harbour Plaza Resort City. Seven of the hotels are operating while four are under construction. It also has stakes in hotels outside the former British colony, including some held through Li's other company, Hutchison Whampoa. Several big property groups in Asia have spun off office, residential and industrial assets as real estate investment trusts (REITS), allowing them to free up capital for new projects. An executive close to Cheung Kong said the group had been considering a Hong Kong listing for some months. "They are working on it but it's not imminent because the market sentiment is not exactly great at the moment," an investment banker said. | |
| Hainan Province Will Develop Qingshui Bay For US$1.63 Billion | Return to Headlines |
| The province of Hainan has signed an agreement to develop tourism facilities at Qingshui Bay for US$1.63 billion. According to the agreement, Agile Property is entitled to develop 1,000 hectares of the land in 10 years, including tourism facilities, two five-star hotels, and other real estate developments. This is one of the largest travel projects that the province has developed in recent years. Located in Lingshui Li County, Qingshui Bay is adjacent to the famous scenic spot of Sanya. The Qingshui Bay project has been listed by the Hainan Provincial Government as one of the main construction projects during the upcoming five years. | |
| Absolute Share Price Performance, as at 11 August 2006 |
