Jin Mao to build 2nd Hainan luxury resort
Jin Mao Group will invest US$161.59 million (RMB1.2 billion) building its second luxury resort in Sanya, Hainan province, early next year, the 21st Century Business Herald reported. The move was encouraged by the success of its Jin Mao Hilton Sanya Hotel. The Jin Mao Ritz-Carlton Sanya, to be located in Yalong Bay’s national resort area, will cover 75,000 square meters and boast 450 luxury suites, including 33 villas. Jin Mao has invited the Ritz-Carlton Group to run the hotel due to its experience in luxury hotel management. The group is planning to establish another eight luxury hotels across the country by 2010.