Local media reports that Sino Express Travel, an investor and developer of scenic spots and tourist destinations in China, is in negotiations to lease and manage the Dayun Mountain National Forest Park in Yueyang, Hunan Province, for 50 years.
The current valuation of the park is about USD33 million and there are ongoing infrastructure upgrades being done by the local government. The valuation of the park is expected to increase further upon Sino's spending around USD10.2 million for the lease and development costs. Sino expects the number of visitors to triple to 300,000 a year within three years.
The park is one of eighteen national forest parks approved by the State Forestry Administration in China and it is a famous place for religion and culture. Sino's development plans include building a resort hotel, several restaurants, a commercial plaza and tourist facilities, and renovating the temples in the park. Visitors and worshippers visit the sites and temples within the park year round for all kinds of festivities. Sino's involvement would directly boost the growth of visitors and revenue of the park, thereby enhancing the park's valuation.