Yanlord: China’s State Council has approved plans to start trials for tax-free shopping on Hainan from Apr 20. Tax-free shopping will be available to all foreign & domestic air travelers with the eligible purchase limit set at Rmb5,000. This will be a boon for tourism on the island & benefit developers such as Yanlord, which jointly acquired 2 adjacent land parcels in Hainan in Jan 10 for Rmb2.1b with Spore based Jing Hope Holdings.
The land, which sits on Hainan’s picturesque Hai Tang Bay, has been slated for devt of a 5-star hotel & serviced apts with a planned GFA of 155k sqm & marks Yanlord’s maiden foray into Hainan’s tourism & hospitality sector. Hainan is the China’s largest SEZ & its only province within the tropical climate belt. Fondly referred to as the “Hawaii of China”, the Chinese govt intends to position Hainan as an int’l tourist destination of choice by 2020.
Under this plan, Hai Tang Bay has been earmarked as a new focal devt area with support from the provincial & municipal govts for reputable developers to partake in its devt. The Hai Tang Bay area has attracted many int’l hotel groups such as Shangri-la, Sheraton, Sofitel, Conrad, Grand Hyatt, Fairmont, Intercontinental, who will begin devt of resorts & hotels from 2010 to 2013. Valuation is appealing with stock trading at almost 50% discount to RNAV. Immediate resistance is at $1.49 with support at $1.42.
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