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By Angelo S. Samonte, Reporter
A Chinese company engaged in property
development has pledged a $2-billion investment in the Philippines,
President Gloria Arroyo announced on Tuesday during the second day
of her Hong Kong visit.
President Arroyo said the Hong Kong-based Shimao
Property Holdings Ltd. owned by Hui Wing Mau, China’s second
richest man, would be investing in property development.
Shimao has lined up two property development
projects in the Philippines—one to be located in Fort Bonifacio in
Taguig City, and the other in the surfing capital of Calicoan Island
in Guiuan, Eastern Samar, where Shimao Property will build a
500-room resort complete with two towers.
The development of Shimao’s Fort Bonifacio
project will start once the Bases Conversion and Development
Authority clears Shimao’s proposal, the President said.
The Shimao investment has no loan component,
according to Trade Secretary Peter Favila.
Besides Shimao Property, the Philippines also
expects investments from Hopewell Holdings whose owner, Gordon Wu,
called on Mrs. Arroyo.
Hopewell is also engaged in property
development, highway infrastructure, and construction.
Earlier Monday, the President met with fund
managers attending the 11th Credit Suisse Asian Investment
Conference after she delivered the keynote speech at the conference.
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