Last April 30, Melco China Resorts (”MCR”), an associate of Melco International Development Limited (”Melco”) topped out two hotels at the Yabuli Sun Mountain resort and broke ground for its first luxurious mountain home project which will be available for sale later this year in Heilongjiang Province. The luxurious mountain homes are designed by internationally acclaimed architects and were introduced to a limited number of potential buyers today.
Lawrence Ho, Chairman and Chief Executive Officer of Melco, said, “We are delighted to announce the strategic expansion of our business with MCR to develop, operate and manage world class mountain resorts in China.” Ho officiated the event and was accompanied by senior Heilongjiang Province
government officials. “Our move into the burgeoning mountain resort business in China enables our expansion in the mainland and provides an exceptional range of new experiences to address the growing need for up-market recreational activities among the country’s fast growing middle
and upper classes. This is consistent with our desire to attract and retain a discerning customer base that is actively seeking and willing to pay for a great leisure experience”.
With a CAGR increase of 109% to over 4 million between 1999 and 2004 of ski visit in China, MCR, the largest ski operator in China, grabbed this tremendous opportunity, by transforming five existing ski areas in the north eastern provinces of Heilongjiang and Jilin into unique, year-round luxury mountain resorts. According to the China Ski Association, the total number of ski visits is expected to increase to 10 million by 2010.
Boasting the highest international standards, including an abundance of international standard on-mountain and resort activities for both accomplished skiers and beginners, and unique “four seasons” facilities and attractions, the result will be China’s premier network of year-round village centered, destination mountain resorts.
“Our commitment is to introduce standards that did not previously exist in China’s ski industry,” said Graham Kwan, CEO of MCR. “Our portfolio of integrated resorts and luxurious resort homes represents a status and lifestyle pinnacle that was not available in Northern China until now.” Mr. Kwan said that buyers of their homes will be able to escape the crowded, hectic urban city centers where they live and work and they can relax and indulge themselves amidst pristine, natural mountain scenery.
In addition to world-class skiing facilities and China’s first ski academy, which is being developed in close collaboration with the China Ski Association, MCR will introduce a complete suite of events, activities and attractions throughout the year. They range from tennis, zip lining, boating and water sports, equestrian, biking, luxury camping, performance driving schools, culinary arts to wine programs and live entertainment.