UpdateChinese developer eyes theme park development in Philippines

Chinese property developer Landing International Development has sets its sights on the Philippines for its next theme park project even as it plans a share placement to fund completion of its US$3 billion Jeju Shinhwa World resort in South Korea.

The company also agreed to sell its London casino, Les Ambassadeurs Club, to Paul Suen Cho Hung, Hong Kong’s “king of penny stocks”, for HK$2.5 billion to “focus resources on developing Southeast Asian emerging markets”, it said in a statement on September 7.

Landing bought the club for about HK$1.48 billion in April 2016.

Landing chairman Yang Zhihui met Philippine President Rodrigo Duterte and his cabinet members in Manila on Monday to “present the company’s proposal to build a world-class international branded theme park integrated resort in the Philippines”, the company said in a statement.

Duterte welcomed its proposed investment into the Philippines and expressed his keen interest and support for the proposal, the company said.

Shares of Hong Kong listed Landing jumped 4 per cent in Wednesday morning trading after it announced details of the chairman’s meeting with Duterte.

The proposed resort would be Asia’s first movie-themed indoor amusement park, and would include a water park as well as other leisure and entertainment facilities suitable for all ages, according to the company.