Shimao Group, a developer owned by China's fifth-richest man, Xu Rongmao, plans to spend as much US$4 billion building hotels in the Philippines, Trade Secretary Peter Favila said.

 

Shimao International Holdings Ltd Chairman Hui Wing Mau will tomorrow sign an agreement to lease at least one Manila property from state-controlled Bases Conversion Development Authority, Favila said. The property, which covers at least seven hectares, is in Manila's Fort Bonifacio district, Favila said, declining to provide more details.

 

(Shanghai Daily March 22, 2007)