Banyan Tree Holdings Limited, a Singapore-based luxury resort operator, wants to extend its footprint in Europe and the Americas and revive projects that were put on hold during the 2008 financial crisis. properties in qatar
In Spain, Greece, and Mexico, Banyan Tree will resuscitate initiatives. Chairman and founder Ho Kwon Ping told Bloomberg that the company has acquired contracts to manage two buildings in Spain and aims to continue projects in Greece.
Mr. Ho told Bloomberg, "We truly see Europe and America beginning to revive." "Growth was almost entirely driven by China in the last five years...but in the last six to nine months, we've seen a lot more interest in the Middle East and the Americas."
The group is banking on the economies of the United States and Europe to improve. Mr. Ho added that it also aims to benefit from Europeans flocking to Spain, the Canary Islands, and Greece as a result of recent unrest in Morocco, Tunisia, and Egypt.
According to Derek Tan, a Singapore-based analyst at DBS Vickers Research, Banyan Tree's aim "has always been to head to new locations." "It's thrilling but uncharted ground for them, so I'd advise them to proceed with caution."
Banyan Tree is a luxury hotel, resort, and spa management and development company based in Asia Pacific. According to the company's website, it boasts about 30 resorts and hotels, more than 60 spas, and three golf courses. In the following four years, the company plans to open 17 hotels, 14 of which will be in China.
According to Bloomberg, the resort operator wants to develop a facility in Morocco next year, two more in China, and one in Kerala, India, in addition to nine in China in 2015.
"While we still want to expand a lot in China, we're starting to shift our focus back to Europe and the Americas," Mr. Ho explained. "Interest is reviving once more." People are resurrecting old ideas, and funding is becoming more readily accessible.'
China's richest man is a property tycoon.
According to the Bloomberg Billionaires Index, China's richest individual is now Wang Jianlin, the owner of China's largest commercial estate developer, Dalian Wanda Group.
Mr. Wang is worth $14.2 billion, which is $3.2 billion more than Zong Qinghou, the founder of Hangzhou Wahaha Group, China's third-largest beverage company. Mr. Jianlin's business paid $2.6 billion for AMC Entertainment Holdings Inc. last year.
"With some high-profile acquisitions, Wanda leads Chinese firms in growing their company abroad and responding to consumers' need at home," Kenny Wu, a Hong Kong-based analyst at Ji-Asia Research Ltd, told Bloomberg. "Wang's decision to diversify away from Chinese real estate appears to have paid off."
According to Bloomberg, Mr. Jianlin owns 100% of Dalian Wanda Group. The company has $48 billion in assets and $23 billion in annual revenue. According to the firm's website, the corporation operates 71 "Wanda Plazas," 38 five-star hotels, 6,000 movie screens, 57 department shops, and 63 karaoke venues around the country.
Dalian Wang's second-largest asset is his 100% ownership of Wanda Department Store Co., which is worth $5.6 billion.
The company announced last month that it has purchased a development site in London for a £700 million hotel and residential tower project. Sunseeker, a British yacht constructor, was purchased by the group for $1.6 billion in June.