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Sanya Hotel Receives Bank Support
April 2, 2007 |
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The Sanya branch of Bank of China says it will provide a bank loan of RMB580 million to Jinmao Sanya Travel Service Company, a subsidiary of China Jinmao Group, for the firm to develop its second hotel in Sanya's Yalong Bay.
This is reportedly the largest bank loan ever offered in the hospitality industry of Sanya. Shanghai Pudong Development Bank will also be a joint lender of the loan.
He Cao, general manager of China Jin Mao Group, says that following the success of Hilton Sanya, which was built in 2004, they plan to build a second luxury hotel in Sanya. The new hotel built this time is called Ritz-Carlton, Sanya. It will include 451 rooms, suites, and private villas, as well as a 30,000 square foot spa, the largest and most lavish in the region. It is planning to open in 2008.
China Jin Mao Group is a large Chinese enterprise whose shareholders include SinoChem, COFCO and China Minmetals Corporation.
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