Chinese traders pledge $6-B projects for RP

MANILA, Philippines - Chinese businessmen have pledged to put up close to $6 billion worth of investments in mining, real estate, cement and call center industries in the Philippines, Malacañang said Friday. The investment commitments were made during separate calls of Chinese businessmen representing the Fujian Longlin Group Co. Ltd., Sunshine 100, Wei-Wei Group, and the Shimao Group. The President's first received Fujian chief executive officer (CEO) Yujian Xu, who said their company is prepared to invest $275 million in a cement plant which they hope to start construction in 2009 and start operation in 2010. Sunshine 100 International chairman Lucio Tai Yen and Alfonso Sy of the Philippines Sunshine 100 Pioneer followed this with the announcement of their plan to put in up to $5 billion in real estate projects that would run for five to seven years. Sunshine 100, which is behind some real estate projects on Pioneer Street in Mandaluyong, had recently purchased a property in Valenzuela and in Rodriguez where they intend to put up a low-cost housing project and condominium units which they hope to sell at P200,000 to P250,000 per unit. Sunshine was followed by officials of the Wei-Wei Group and its local counterpart in the Philippines Golden Harvest who pledged to put up a $100-million nickel processing plant in Masinloc in Zambales. Arroyo said this, along with the $150-million nickel exploration and processing project in Botolan in Zambales by the Ni Hao Mineral Resources International Inc. and Geograce Resources Philippines Inc. of the Philippines and the Jiangxi Rare Earth and Rare Metals Tungsten Group Co. Ltd., of Nanchang in China, will "increase the nickel export o our country." The said meetings were followed by Arroyo's attendance to the luncheon reception hosted by Chinese President Hu Jintao for world leaders attending the Olympics Opening Ceremonies at the Great Hall of the People, and her meeting with Hong Kong's Shimao Group which reiterated its plan to set up a hotel complex at The Fort. Led by its chairman, Shimao Hui Wing Mao, the Shimao Group told the President they are investing $700 million in the hotel project in cooperation with Andrew Tan of Megaworld. - GMANews.TV