Shining Group to build 30 hotels and shopping centers on the mainland over 10 years

By Hu Xiaocen | October 15, 2014, Wednesday |

Online Edition

TAIWAN’S tourism and real estate developer Shining Group plans to build 30 hotels and shopping centers over the next decade on China’s mainland, as its chairman Lai Zhengyi believes the wealth growth on the mainland holds great potential for companies across the Strait.

Last week, Lai said at a forum held at The Lalu Hotel in Qingdao, east China's Shandong Province, that he has confidence in the property market on the mainland. Given the purchase and mortgage restrictions imposed by the central government before, bubble of the enormous mainland market is very unlikely.

“Now the restrictions are relaxed by the government, and there’s still plenty of room for the property market to grow,” he said.

The multi-billion yuan Lalu Hotel in Qingdao began construction in 2010, and will be fully open this year. A new hotel in Nanjing, capital city of Jiangsu Province is expected to open next year, while resorts in Guilin, Guangxi Province and Chengdu, Sichuan Province are scheduled to open in 2016, according to Lai.

He said the profit model will be similar to that of Beijing-based Dalian Wanda Group, a conglomerate of real estate, tourism, hotels and entertainment. The villas at the Qingdao Lalu resort priced between 50 million yuan (US$8.1 million) and 100 million yuan are for sale to ease the developer’s financial pressure.

Other cities like Beijing, Shanghai, Wuhan and Xiamen are also included in the expansion plan.

Business Real Estate

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Shining Group to build 30 hotels and shopping centers on the mainland over 10 years

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