(Friday, March 23, updated) - China's second-richest man plans to invest at least US$2 billion (euro1.5 billion) to develop high-end hotels and other tourism projects in the Philippines, officials said.
The chairman of the Shanghai-based real estate and furniture empire Shimao Group met with Philippine President Gloria Macapagal Arroyo this week and expressed interest in tourism investments, Trade Secretary Peter Favila said.
Shimao was founded by Xu Rongmao, who ranked second on the Forbes' list of 400 richest people in China last year. (Houston Chronicle) ...click older posts to read more of today's stories, otherwise click home to access front page news...
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