HONG KONG/SINGAPORE (Reuters) – Luxurious resorts and hotels developer Banyan Tree (BANY.SI) has recently completed a multi-hundred-million-dollar investment fund to finance its planned projects in China, sources said on Thursday.
Singapore-based Banyan Tree, whose luxurious hotels from Thailand’s Phuket to China’s Lijiang attract the wealthy for private vacations, originally targeted raising $700 million for the China fund, said the sources familiar with the situation.
“We have plans to launch a fund to support our projects in China but have not officially launched it yet,” a Banyan Tree spokeswoman said in response to Reuters inquiry.
She declined to comment further.
One industry source said Banyan Tree raised at least $500 million for its China Development Fund, which will have an office in Shanghai, to support five or six hotel projects across China including one in Tibet.
The sources declined to be identified as they were not authorised to speak to the media. (Reporting by George Chen in HONG KONG and Kevin Lim in SINGAPORE, Editing by Jacqueline Wong)