Chinese investors are set to pump in more than US$1 billion to develop a mega-resort in Antigua and Barbuda, creating 1,000 jobs for the tiny East Caribbean nation, Agence France-Presse reported.
Backed by Beijing-based Yida International Investment Group, the ‘Singulari’ project will involve several luxury hotels, hundreds of private homes, marinas, golf courses, an entertainment district, horse racing track and the Caribbean’s biggest casino, according to the report.
The project, spread over 1,600 acres, will be 50 percent bigger than the regionally-heralded Baha Mar resort under way in the Bahamas, it said.
Construction is expected to begin early next year.
Antiguan Prime Minister Gaston Browne signed a memorandum of agreement with the developers on June 13, one day after taking office following June’s general election, the report said.
“Over the next 10 years, Yida Group and its global partners will create an additional US$2 billion of gross domestic product and economic value to Antigua, including sales of real estate, creation of new industries and origination of foreign direct investment,” a Yida spokesman was quoted as saying.
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