Banyan Tree, the Singapore based luxury resorts and spa operator, has raised close on US$500 million for the development of new projects in China.
With hotels and resorts at some of the most popular destinations across East Asia, industry sources have said Banyan Tree plan to use the money to develop five or six hotel projects across China, including a new hotel in Tibet.
Dubbed the China Development Fund, it is believed by some industry analysts that Banyan were originally targetting on raising US$700 million.
Currently Banyan Tree has 3 resorts in China including one on the tropical resort island of Hainan, commonly though of as China's Phuket, and has apparently begun to hire management in Shanghai to run the new developments.
Early last year, Banyan Tree raised US$400 million by way of a real estate fund, Banyan Tree Indochina Hospitality Fund, to focus on investments in Vietnam.
Earlier this year Banyan Tree announced results for last year showing a significant decrease in operating profit due to political turmoil in Thailand and slow down in world economy.
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