China Yida Holding Company, a media and tourism management company, has signed a letter of intent with the Yongtai County government to develop the largest leisure and tourism destination in the city of Fuzhou, the capital of Fujian Province.
China Yida has submitted the proposed transaction to the local government for approval and expects to reach a definitive agreement by the end of 2008.
The leisure and tourism destination is located near the capital city of Fuzhou in Yongtai County, Fujian Province, and the entire scenic site has a total area of 48 square kilometers. The destination features more than 7 square kilometers of mountain grassland, a 70 million year-old volcanic geological structure, a volcanic waterfall, and a large-scale terrace and village with more than 1,000 years of history. It is planned to develop the site infrastructure to provide visitors with transportation options to travel throughout the destination.
Under the terms of the letter of intent with the Yongtai County government, China Yida will have operational and management rights to the site for 40 years, which reduces the risks and uncertainties related to the investment, and contributes to China Yida's ability to secure a long-term return on investment.