Taiwan's Shining Group plans to build thirty hotels in China
CNATAIPEI -- The tourism and real estate development group which owns the Lalu luxury hotel (涵碧樓) at Sun Moon Lake in central Taiwan said Thursday it is aiming to establish 30 hotels and shopping centers in China over the next decade, starting with a complex that is under construction in Qingdao.
October 25, 2013, 12:27 am TWN
The Lalu hotel and shopping mall in the northern Chinese coastal city will open in May 2014, said Shining Group (鄉林集團) Chairman Lai Cheng-i (賴正鎰) at a igning ceremony in Taipei to give space to 28 boutiques at the complex.
The stores will be operated by world renowned brands from Taiwan, Europe and South Korea, he said.
The US$300 million investment, which marks the Shining Group's first expansion into the retail outlet business, is expected to generate an annual turnover of NT$2 billion (US$68.11 million), according to Lai.
The Taichung-based group also plans to build similar complexes in Nanjing, Chengdu, Kuilin, Shenyang, Shanghai and some second- and third-tier cities in China over the next 10 years, he said.
To this end, Lai said, he has signed agreements to purchase land in other cities in Shandong, including Weihai and Jinan, in addition to Qingdao.
One of the ways the group is hoping to turn a profit is by selling 70 villas at the Lalu Qingdao to investors, who will then lease them to the hotel for use by holiday-makers, Lai said.