Local Authorities Tout Sanya As The Hawaii Of China, Borrowing Elements From Destinations Like Phuket, Thailand and Cancun, Mexico
The Mandarin Oriental at Sanya
Recently we wrote on a number of domestic and foreign hoteliers flocking to China’s Hainan Island, long a tropical retreat for Chinese tourists and increasingly popular with foreign tourists as well. Today, the Wall Street Journal discusses the great potential this island holds for luxury hotels, and the continued growth that the island’s authorities see in the hotel and tourism sector. As Hainan’s tourism industry continues to internationalize and rival neighboring resort areas in Thailand, Vietnam and elsewhere, we are sure to hear about even more hotel chains holding Sanya in the same regard as Phuket, Cannes, Cancun and Grand Cayman.
As the Wall Street Journal points out, much of the growth in Hainan’s luxury tourism sector is coming from wealthy Chinese tourists, who see the island as an exotic getaway with all the amenities of world-class resorts without the passport or visa hassles. Hainan’s location, relatively close to China’s Special Administrative Regions of Macau and Hong Kong, and the country’s economic powerhouse of Guangdong province, make the trip to Sanya even that much easier for many of China’s luxury travelers.
Construction On A Number Of Stalled Projects To Start Up Again, As City Aims To Cement Its Reputation As The “Vegas Of The East”
One Central, set to be completed within the year, is to be one of Macao's top luxury residential complexes
Macao, the former Portuguese colony that rejoined China in 1999, has had its share of ups and downs over the past few years. In recent years, the city replaced Las Vegas as the world’s largest gambling market by total revenue, but not long after gaining this distinction, the city was hit hard by the global economic downturn — which bit into the city’s crucial tourism industry as well as its breakneck pace of construction. Now, as the recession eases somewhat in the region — China itself has not been hit as hard as many more developed economies — Macao aims to restart its vast construction efforts and attract more young professionals, luxury shoppers, and gamblers.
Today, the New York Times has a great article on the ongoing transformation of Macao — what was once a backwater trading hub has, like its neighbor Hong Kong, over the years become an important business and tourism center. As the city continues to carve its unique place in the Chinese and East Asian economies, developers continue to work hard to create in Macao a world-class real estate and travel destination. With large-scale luxury developments like One Central due to open within the year, it looks like Macao is, indeed, starting to get back on its feet:
Posted in Business, China, Economy, Investment
Tagged casino, China, construction, gambling, hong kong, Investment, macao, macau, mandarin oriental, one central, real estate, wanchai