China’s 2nd richest man eyes tourism investments in RP

China’s second richest man, taipan Hui Wing Mau, has expressed interest in investing in the Philippines,primarily in the tourism sector.

Upon the invitation of the Federation of Filipino-Chinese Chamber of Commerce, Inc. (FFCCCI) led by its president Francis Chua and special envoy for trade and investment to China Ambassador Carlos Chan, Hui — along with other members of the Shanghai Overseas Chinese Chamber of Commerce — is in the country to look at possible investment opportunities.

Hui, ranked by Forbes magazine as China’s second richest man, is the chairman of the Shimao Group which also controls the Le Meridien hotel chain.

In a very low-key visit, Hui paid a courtesy call to President Arroyo during which he expressed interest in acquiring an island to put up a resort for Chinese tourist.

Among the areas Hui and the Shimao/Le Meridien chain have shown interest in are Panglao Island in Bohol province, Panay Island across from Boracay, Samal Island and Palawan.

Philippine commercial attache to China Jorge Mendoza Judan, who is accompanying the Shanghai business delegation, said the visiting Chinese businessmen are also looking at possible infrastructure investments such as an international airport for Panglao which can accommodate much bigger planes that would bring in Chinese tourists.

Judan said the Shimao Group, which has at least $10 billion in investments in various high-end residential and commercial properties in Australia, Southeast Asia, Russia and China, is interested in doing some landbanking in the Philippines in anticipation of a Chinese tourism boom due to the proximity of the country to China.

The Philippines, Judan said, is the first ASEAN country that the Shimao Group is looking at with keen interest.

Judan estimates that the Shimao Group could easily bring in up to $1 billion in potential investments. Agriculture Secretary Arthur Yap and Trade Industry Secretary Peter B. Favila, and other government officials briefed Hui and the visiting members of the Shanghai business delegation on various other investment opportunities in the mining, agriculture, information and communications sector.

Yap told The STAR that he has asked Hui’s help in linking up with other Chinese investors who may be interested in various agri-business joint ventures and in biofuel production.

Yap also offered Laoag International Airport as a possible investment opportunity, noting that Chinese tourists appear to favor the Ilocos province as a destination to the extent that the Chinese government has decided to put up a consulate in Laoag.