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Sino Express Travel Announces New Resort In Hunan
December 21, 2007 |
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Sino Express Travel has signed an agreement with Eversun Limited to acquire 200,000 square meters of premium land for a resort and villa development in Hunan.
The cost of the land acquisition, conditional upon receiving all the necessary regulatory approvals for site development, plus the first phase of development will be about US$15 million in cash.
In a press release, Sino's management says it believes the location of the Hunan property, near Lake Dongting and within walking distance from a commercial district, is ideal for a first class resort and villa complex. The local government is also planning to expand the city's infrastructure in the vicinity. Development plans for the 200,000 square-meter land are divided into three phases: villa development in phase one; sports complex and recreation facilities in phase two; and resort and hotel tower development in phase three.
Sino Express Travel Limited is an investor and developer of scenic spots and tourist destinations in China. Sino intends to grow its business by acquiring and operating a diversified portfolio of resort hotels and tourist attractions.
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