Eastern Samar Philippines

Chinese firm to invest $2B in ‘Boni,’ Samar By Angelo S. Samonte, Reporter A Chinese company engaged in property development has pledged a $2-billion investment in the Philippines, President Gloria Arroyo announced on Tuesday during the second day of her Hong Kong visit. President Arroyo said the Hong Kong-based Shimao Property Holdings Ltd. owned by Hui Wing Mau, China’s second richest man, would be investing in property development. Shimao has lined up two property development projects in the Philippines—one to be located in Fort Bonifacio in Taguig City, and the other in the surfing capital of Calicoan Island in Guiuan, Eastern Samar, where Shimao Property will build a 500-room resort complete with two towers. The development of Shimao’s Fort Bonifacio project will start once the Bases Conversion and Development Authority clears Shimao’s proposal, the President said. The Shimao investment has no loan component, according to Trade Secretary Peter Favila. Besides Shimao Property, the Philippines also expects investments from Hopewell Holdings whose owner, Gordon Wu, called on Mrs. Arroyo. Hopewell is also engaged in property development, highway infrastructure, and construction. Earlier Monday, the President met with fund managers attending the 11th Credit Suisse Asian Investment Conference after she delivered the keynote speech at the conference.