CITIC Pacific to ink multi-billion yuan deal

CITIC Pacific Co. Ltd., a Hong Kong-listed conglomerate, announced Monday it planned to invest in a multi-billion yuan tourism and property project in the southern island province of Hainan.

Its parent, State-owned China International Trust and Investment Corp. (CITIC), would take the lead to invest in the project in Bo¡¯ao in the province, said Larry Yung, chairman of CITIC Pacific.

It would be CITIC Pacific¡¯s first leisure and tourism project, he added.

The company is expected to sign a preliminary agreement Tuesday on the project for a resort where the annual Bo¡¯ao Forum for Asia is held.

Although Yung declined to give other details on the project, Monday¡¯s local newspapers cited Hainan Governor Wei Liucheng as saying it would include a few golf courses and high-end commercial and residential property development.

Wei is leading a delegation of 500 officials and businessmen to promote a total of 161 projects valued at about 40 billion yuan (US$4.8 billion) in Hong Kong.

CITIC Pacific focuses on providing basic infrastructure services such as power generation, transportation and aviation both on the Chinese mainland and in Hong Kong.

It reported a turnover of more than UK$10 billion (US$1.28 billion) in the first two quarters of this year.

Source: Shenzhen Daily/Agencies