CITIC Pacific invests in Hainan resort

Hong Kong conglomerate CITIC Pacific announced plans for its first mainland leisure and tourism project, investing in a resort and high-end property development on the island of Hainan. No details were given of the value of the investment although state media said it was a multi-billion yuan project. The resort will be located in the coastal town of Bo'ao, location of the annual Bo'ao Forum for Asia, a gathering of regional economic and political leaders. CITIC's core businesses to date have focused on basic infrastructure services such as power generation, transportation and aviation both on the Chinese mainland and in Hong Kong.