SHUI On Group announced yesterday it plans to form strategic alliances with Yunnan's provincial government to develop leisure and holiday centers in the province's well-known tourist destinations.
According to an agreement signed in Kunming over the weekend, Shui On, a Hong Kong-based diversified group engaged in real estate development and construction materials, will first tap into scenic areas including Kunming, Lijiang, Dali and Shangri-La.
A formal strategic collaboration agreement will be signed in early November, Shui On said yesterday in an statement e-mailed to Shanghai Daily.
"We will work with the provincial government to make Yunnan a place where culture and tourism come together, and we are committed to making Yunnan an important international tourist destination in China and Asia," said Vincent H.S. Lo, chairman of Shui On.
Shui On will be responsible for the tourism and property development for Northern Caohai area in Kunming, Lashihai area in Lijiang as well as tourism projects in the cities of Dali and Shangri-La.
Entering the Chinese mainland in 1985, Shui On has extended its footprint into major Chinese cities including Shanghai, Hangzhou, Chongqing and Wuhan, focusing mainly on city core development projects.
Last week it reported that first-half profit soared 97 percent to 1.1 billion yuan (US$146 million).