Gov't bags $2-B investment from China's Shimao Group

MANILA, Philippines- The Philippine government has bagged a $2-billion land development investment from China's Shimao group, GMA's Flash Report said Tuesday morning. The television report said the Shanghai-based firm's investment will be for the development of the 45-hectare property of Bases Conversion and Development Authority (BCDA) in The Fort, Taguig City. The report said the agreement was finalized during the meeting between President Gloria Macapagal Arroyo and owners of Shimao Group Monday night. Last year, Shimao Group entered into a Memorandum of Understanding with the BCDA for the joint development of a sizeable portion of land in the Bonifacio Global City. Shimao Group is the owner of the Le Meridian Hotel, the Royal Meridien Hotel – the tallest structure in Shanghai, China and the Grand Hyatt Hotel also in Shanghai. The company has more than 10 luxury hotels in China. It is a listed company in the Hong Kong stock exchange. - Amita Legaspi, GMANews.TV