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Sino Express Travel Buys Land For Hotel Development
January 4, 2008 |
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Sino Express Travel has signed an agreement with Profit Gateway International Limited to acquire properties in Yangjiang, where the Marine Silk Road Museum of Guangdong is located, for the development of hotel and tourism areas.
The first acquisition, which the cost US$400,000 would be settled by the issuance of Sino Express Travel restricted common shares at 15 cents per share, involves a 6-story building and is expected to be completed within 60 days. The building has a total area of around 10,000 square feet. Sino intends to convert the building to a 40-room budget hotel complex targeting increased tourism demand. Sino says it projects to generate US$200,000 in revenue and US$100,000 in profit for this building. Sino will continue to negotiate with Profit Gateway International Limited for further acquisitions in the area.
Sino previously acquired Southern Silver Resort & Beach, a resort hotel located near the Marine Silk Road Museum. Upon completion, the museum will consist of an exhibition hall on shore and an underground exhibition hall costing around US$22 million.
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