Singapore Banyan Tree Holdings has signed an agreement with Tengchong Yumagu Hot Spring Investment Company to jointly develop the high-end tourism market in Yunnan.
Under the agreement, Banyan Tree will be in charge of the design and management of one Banyan Tree and an Angsana resort inside the Tengchong Yumagu Hot Spring International Tourist Resort.
The tourist resort is in the northeast of Tengchong, and is a joint investment of Yunnan Metropolitan Construction Investment Company and Shenzhen Hua Long Group. The resort has a planned area of six square kilometers, and will have three luxury hotels, an upscale spa center, a sports training center, and a high-end villa property program. The aim is to build Yumagu into one of the most attractive international holiday and convention destinations in Yunnan, in China, and even in Asia.
The Banyan Tree resort is planned to open by the end of 2012, and the Angsana resort will open by the end of 2013.