Shenzhen golf resort project to go ahead

CHIA Tai International plans to continue development of a $500 million golf course facility in Shenzhen despite the withdrawal of Hongkong Fortune from the deal.

The company said Chia Tai chairman Dhanin Chearavanont and director Sumet Jiaravanon would take the place of Hongkong Fortune in the Honey Lake Resort development through Karven Investment.

Karven is to take up 46 per cent of Chia Tai (Shenzhen) Development, of which 44 per cent already is owned by Chia Tai. A further 10 per cent of Chia Tai (Shenzhen) is owned by an independent investor.

Chia Tai (Shenzhen) is proposing to join with Shenzhen Special Economic Zone Development Corporation in a 50:50 joint venture to develop a multi-functional resort covering 2.37 million sq m.

The joint-venture company called the Honey Lake Country Club is planning to develop a resort complex comprising entertainment, sporting, cultural, shopping, hotel, restaurant and high-class housing facilities.

Hongkong Fortune said it was pulling out of the project to concentrate on property developments in Shanghai and its investment in the Shenzhen Golf Club.