|Hong Kong listed, China Travel International Investment
(Hong Kong) Limited's wholly-owned subsidiary, Chadwick Developments Limited,
has announced its joint venture plans with Northwest China Grid Company
Limited and Shaanxi Qinlong Electric Power Company to develop a US$39.7
million hot spring resort project in Xianyang, Shaanxi province, China.
The joint venture group will provide approximately US$13.2 million to acquire
Xiangyang Guanzhong Hotspring Company Limited and an additional US$26.5
million to develop the hot spring resort which will include a hotel, food
and beverage outlets and health centres.
|South Korea's Hyundai Group (Hyundai) has announced
its proposal to invest US$3 billion to develop a new tourist destination
at North Korea's eastern coast from Wonsan port city to Haegeumgang near
Mount Geumgang by 2025. Currently pending approval from the North Korean
authorities, this project may be Hyundai's third largest economic project
in the North, following the development of a resort at Mount Geumgang in
1998 and an industrial development in Kaesong near the inter-Korean border.
North Korea's eastern coast is enjoying increasing tourist visitation with
Mount Geumgang attracting more than 1.5 million visitors since 1998 and
a projected 400,000 visitors are expected in 2007.
|Bali Island in Indonesia has seen a significant
increase in tourist arrivals despite recent travel warnings about possible
Islamic militant attacks in the wake of the previous terrorist bombings
in 2002 and 2005. Travel advisory upgrades issued by the Australian Department
of Foreign Affairs and Trade has not discouraged Australians, who made up
more than 15% of Bali's total international arrivals, to travel to Bali.
As general security heightens while the tourism industry launched several
marketing campaigns, Bali witnessed a 34% increase in foreign tourist arrivals
during the first five months of 2007 as compared to the same period in 2006.
Hotel occupancy was recorded between 70% and 90% in July 2007 as compared
to the occupancy rate ranging between 50% and 70% in July 2006. It is hoped
that the hosting of the Kyoto Protocol meeting in December 2007 would further
boost the island's tourism industry.
|The MICE segment has reaped a record a high of
US$2.6 billion in revenue for Singapore in 2006, according to the Singapore
Tourism Board (STB). This is an increase from the US$2 billion received
for the whole of 2005. The sector has also helped increase Singapore’s tourist
arrivals by a significant amount, in particular, the International Monetary
Fund and World Bank meetings in 2006 attracted approximately three million
arrivals. Currently, one in three visitors into Singapore are MICE visitors
and account for 35% of all tourism receipts, cementing Singapore as Asia's
top convention city for the eighth time by the International Congress and
Convention Association. With many events in the pipeline, STB is working
closely with the private sector to grow its MICE receipts to at least US$7
billion in 2015 and further elevate Singapore's profile as a premier destination
for hosting business events in Asia.
|Taiwan-invested Royal International Company (RIC)
became the first casino business to be listed on the Ho Chi Minh City Stock
Exchange with a reference price of US$10.59 for the first day of trade.
The listed company has an equity capital of approximately US$22 million
held by Taiwanese founder, Juan Cheng I (61%), Ha Long Tourism Co. (14%)
and the remaining 8.6 million shares (25%) to be traded on the exchange.
RIC is in the business of tourism, service, entertainment, casinos, restaurants
and hotels and resorts.
|Carlson Hotels Worldwide has announced its plans
to develop the Radisson Hotel Kolkota, located near Diamond Harbour in the
southern suburbs of Kolkata, India. Scheduled to be open in 2010, the 250-room
Radisson Hotel Kolkata is situated on seven acres of land and would be positioned
as a upscale hotel offering spacious guestrooms, various food and beverage
outlets, a signature bar, health club, business centre, meeting and convention
facilities, swimming pool and other facilities.